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ACL Offers Purchase Card Fraud Product


Audit and risk management product maker ACL has released a purchase card fraud product designed to enable organizations to immediately identify and remediate suspicious transactions.

The new offering is specifically designed to prevent fraud, improve policies, and promote cost management, ACL’s all-in-one package provides the tools, training, and consulting expertise to manage more than 20 fraud-related risks.

The components of the purchase card fraud product include a series of best practices for policies and administration of purchase card programs; 10 continuous monitoring data analytics that implement real-time monitoring of complete transaction populations, automating those key controls; a repeatable process, set of control definitions, and workflow to document and remediate gaps; and executive dashboards, which bring together the activities above to form a central location for key stakeholders to gain increased visibility of fraud, waste, and abuse tied to purchase card programs.

 “I compare purchase card fraud to music piracy; no matter how clever an organization is in preventing employees from circumventing controls, such as spending limits or manager approvals, they will find new ways around them,” said ACL vice president, product management and design Dan Zitting. “The ACL solution not only continuously monitors for suspicious transactions, but is also able to monitor complete data populations from diverse data sources, such as credit card vendors or expense management systems, while introducing unpredictability into the identification process that less scrupulous employees will not be able to account for.”


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