Ascend Software Introduces SmartTouch Advanced Fraud Prevention, Offers Real-time Auditing Solution

BREA, Calif., April 9, 2015 /PRNewswire/ -- Ascend Software, a leading provider of imaging & business process automation software, today announced their SmartTouch Advanced Fraud Prevention (AFP) solution. SmartTouch AFP is a sophisticated software technology that enhances traditional audit procedures by automatically analyzing financial transactions for fraudulent activity in real-time enabling auditors to focus on transactions most likely to be fraudulent. The solution was principally designed to help organizations reclaim bottom-line dollars, protect their reputation and most valuable assets, and significantly deter and reduce exposure to fraud.

In a recent study, the Association of Certified Fraud Examiners (ACFE) found that the average large organization loses 5% of its revenue each year to fraud. The ACFE also reported that asset misappropriation is the most common type of fraud, representing over 85% of all cases. Today, most organizations depend on laborious audit procedures to identify fraudulent activity. However, these audits are often performed after fraud has already occurred, and only encompass a fraction of financial transactions.

"As people are taking more rigorous and innovative measures to protect their personal finances against fraud, corporations can no longer afford to rely on antiquated audit processes as a viable means of fraud protection," said Jenny Tobin, Vice President of Product Management at Ascend Software. "Ascend's SmartTouch Advanced Fraud Prevention goes beyond the limitations of manual audits, by automatically sifting through the volumes of financial transactions in real-time, and properly analyzing them for fraudulent activity."

SmartTouch Advanced Fraud Prevention is a financial protection system that utilizes patent-pending algorithms to detect suspicious financial transactions, such as false expense reports, invoices, and check requests. The solution examines spending habits, historical patterns, approver activity, and other factors to identify anomalies and inconsistencies in transactions. Transactions suspected for fraud are automatically routed to an authorized reviewer, where they are either verified as fraudulent and halted, or approved for payment. Moreover, SmartTouch AFP records all financial activity in an audit log, and presents the results on a summarized dashboard, where users can easily drill-down into the details of each transaction. The solution was engineered to detect and prevent employee fraud before it occurs, and serves to augment traditional audit processes, which are often slow, cumbersome, and subject inaccuracies.

Ascend Software offers many deployment options including on-premise, hosted and SaaS plus best-fit pricing options of traditional purchase, subscription or lease. For more information, visit http://www.ascendsoftware.com.

About Ascend Software

Since 1997, Ascend Software has engineered business automation solutions, designed to help companies overcome the ever-increasing challenges of document and workflow management. Ascend's enterprise content management (ECM) system was developed from the ground up as one cohesive solution, that can store, search, and retrieve virtually every file type in its native format. Ascend's financial workflow automation platform, known as "SmartTouch Solutions," delivers premium efficiency and cost savings, through end-to-end business process management. Distributed in over 14 countries, Ascend's products support a wide-range of industries, including healthcare, retail, manufacturing, finance, education, government, and entertainment. Ascend is headquartered in Southern California, with offices in Northern California, Nevada, Tennessee, Oregon, Texas and Florida.

Media Contact
Jacinta Tobin
Ascend Software
Tel. 888-353-7058, ext. 203

SOURCE Ascend Software

Related Links

http://www.ascendsoftware.com

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