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🎭 Fraud detection on Subscriptions & Virtual Cards
🎭 Fraud detection on Subscriptions & Virtual Cards
Everything you need to know about fraud detection on Spendesk!
Alexia B avatar
Written by Alexia B
Updated over a week ago

Spendesk is a powerful tool when it comes to giving employees freedom regarding spending. Sometimes, however, internal fraud can happen within a company, even though it's unusual.

Internal fraud is when users are using company money for personal or unauthorized purposes. This is why we decided to reduce the risks by offering a powerful fraud detection tool.

👀 What?

The purpose of this report is spot and flag any suspicious activity. The controller can see each suspicious transaction and act on fraudulent ones. This serves 3 purposes :

  1. Fight against fraud

  2. Reassure the controllers and give them more visibility over suspicious transactions

  3. Bring automation to the work of finance teams 💪

🎧 How does it work ?

We have built a fraud engine that screens all the virtual cards payment stream. This engine is able to label every transaction as irregular or not.

The 3 main pattens that we want to detect are :

  1. Unexpected supplier : we have established a list of ‘risky supplier’ (for instance Netflix, Lydia).

  2. Mismatch between information given by the users and information we collect form the bank.

  3. When we detect a Gambling merchant category code.

  4. Unusually high amount.

What is the process ?

100% of online purchases are covered by Spendesk fraud detection system. First, payments are screened. Then, an automatic weekly report with suspicious transactions is sent to controllers. The controllers (AO or Controllers) can investigate on those suspicious transactions if they wish to.

🎯 Who?

➡️ Requesters' virtual payments are screened.

➡️ Controllers/AO can be alerted.

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