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Home » Solutions » Fraud


SOLUTION


FRAUD

Following the major financial crash of 2008 headlines focused on corporate
financial misconduct such as corruption, bribery, and fraud. This was the most
newsworthy unethical behavior of the time and while in recent years the focus
has shifted to interpersonal misconduct, fraud remains one of an organization’s
more significant financial risks.

According to the Financial Cost of Fraud 2019 report, the global cost of fraud
and money laundering has topped £3.89 trillion and remains one of the biggest
challenges facing businesses of all sizes. 

Since 2008, there has been more than a 50% increase in average losses, with
businesses in the period 2016 to 2018 losing an average of 7.15% of total
expenditure, compared to 4.5% during the 2008 downturn.




VAULT PLATFORM: YOUR FRAUD SOLUTION

Vault Platform helps your corporate security, compliance or audit team
throughout the entire process of exposing, investigating, resolving, and
reporting on incidents. 

The Resolution Hub streamlines and accelerates the conduct of investigations
including reviewing and researching evidence and documents, to the creation of a
professional, thorough, unbiased, and timely report.

Book a guided tour

THE HIGH COST OF AN ‘INVISIBLE’ RISK

The Association of Certified Fraud Examiners (ACFE) Global Report on Fraud in
the Workplace 2020 found that fraud is a universal problem affecting all
organizations worldwide.

Occupational fraud is the most common kind of fraud and is extremely costly and
difficult to detect, with fraud schemes lasting an average of 16 months before
being discovered, due in part to employees’ reluctance to speak up.

There are three primary categories of occupational fraud: The vast majority of
fraud schemes (86%) involve asset misappropriation, such as employee theft or
misuse of the employer’s resources, at an average loss of $100,000; financial
statement fraud schemes, in which the perpetrator intentionally falsifies or
makes an omission in the organization’s financial statements, are the least
common (10% of schemes) but costliest type of occupational fraud. Last but not
least, the third category, corruption—including offenses such as bribery,
conflicts of interest, and extortion—falls in the middle in terms of both
frequency and financial damage. These schemes occur in 43% of cases with a
median loss of $200,000.

WHY DON’T EMPLOYEES REPORT FRAUD?

Part of the problem is cultural. Decades ago, when ethics or fraud hotlines were
first deployed as the de facto solution in response to legislation such as
2002’s Sarbanes-Oxley (SOX),  they were deployed as a corporate compliance
checkbox. Upper management had a solution that let them cover their backs but
there was no requirement to encourage utilization.

Employees find hotlines less than user friendly. To start with, people must know
of the existence of a hotline and how to access it. Hotlines are often
outsourced to call center staff who are not employed by the company and may not
understand the context of the incident. There are also significant blockers in
following up on anonymous reports, disincentivizing reporters from the get-go.

For an employee, coming forward means being exposed and vulnerable to
retaliatory harassment, demotion or even termination, despite the fact that
retaliation for reporting fraud and corruption in the workplace is illegal.
People, in general, don’t do ‘the right thing’ without encouragement and because
employees are largely disincentivized to report misconduct, even when it’s
personal, there’s an argument to say that because the victim of fraud is the
company and not the individual, there’s even less incentive to raise the alarm.

Finally, employees are often unaware of the process for reporting or even
inquiring about financial misbehavior. A 2017 study by the European Union found
that less than half of all Europeans would not know where to report a case of
corruption within their workplace, suggesting that internal reporting systems
are not promoted, or are not done so effectively.


HOW VAULT PLATFORM HELPS YOUR COMPANY COMBAT FRAUD

Create a safe channel for employees to speak up in confidence either anonymously
or in-name

Misconduct investigators can continue the conversation with a whistleblower
while preserving their anonymity if they so choose

Close the loop with employees, demonstrating that action has been taken and
retaliation is not tolerated

Book a Demo


REVEAL AND RESOLVE
MISCONDUCT IN YOUR WORKPLACE




MOBILE APP



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OPEN REPORTING



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RESOLUTION HUB



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DATA & ANALYTICS



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SECURITY


A TRUST PLATFORM WITH
SECURITY AT THE CORE

Vault Platform’s core application is to facilitate trust between companies and
their people and to help to create working environments that are inclusive,
diverse, productive and safe. This is why we consider security and data privacy
to be critical components of our platform and why both are at the foundation of
everything we do.



Vault Platform is ISO 27001 certified and GDPR compliant

Data encryption in transit and at rest: TLS and AES-256 technology protects your
information

Servers located in the EU and UK, in AWS data centres that are ISO 27001, SOC 1
and SOC 2 certified

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RECENT ARTICLES

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6 KEY TAKEAWAYS FROM ‘THE WAY THE WHISTLE BLOWS’ WEBINAR

From whistleblower trends and to preparing your company with tech-driven tools,
here are six takeaways from our recent ‘The Way the Whistle Blows’ webinar.

05/04/2022 - by Vault Platform


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Hotline Third Party Bot/AI Other Tech Solutions Employee accessibility High
accessible mobile app. Open Reporting enables solution for entire ecosystem. Low
accessibility - hotlines only account for 6% of reports. Need to find the
hotline number to start Third party increases friction into the process.
Employer seem less accountable. Lacks sophistication required to deal with a
very human-centric process Human will have to step in at some point Focus on
‘employee empowerment’ not employer enablement. Often connect employees with
legal resources. Two way communication Yes, in the users language directly from
the App and Resolution Hub. Yes, even if anonymous. Call centres that take a
message. Follow up can only happen if employee identifies themselves. Third
party increases friction. Hand over has to take place. Handover to a human is
required to progress the case. Many solutions prepare an employee for legal
action and/or involve a third party. Multi language support In-App support for
all required languages. No Management needed. Need an operator with call centres
offering each required language. Or partner with multiple suppliers Need a
provider offering each required language. Or partner with multiple suppliers
Multi-language is possible but has to had over to a human at some point.
Multi-language may be possible. Anonymous reporting Anonymous reporting with
two-way communication. Also GoTogether (strength in numbers) reporting. Yes, but
follow up is difficult without identifying the reporter. Yes, but follow up is
difficult without identifying the reporter. Yes, but follow up is difficult
without identifying the reporter. Yes, but follow up is difficult without
identifying the reporter. Data, confidentiality & security Independent instance.
Data encrypted in-transit and at rest. ISO27001 certified. Restricted access to
case data. Yes, but follow up is difficult without identifying the reporter.
Information is collected by a third party increasing the risk profile.
Information is collected by a third party increasing the risk profile.
Information may be collected by a third party. Or data may need to flow through
other systems, increasing the risk profile. Scalability & enterprise capability
Vault Platform was built for enterprises. Ideal for organizations of 100
employees to tens of thousands. Widely adopted by enterprises but not fit for
purpose. Only used in 6% of incident reports. Need a provider offering each
required language, or partner with multiple suppliers. Multiple clients served
by same resources. Information is collected by a third party increasing the risk
profile. Information may be collected by a third party. Or data may need to flow
through other systems, increasing the risk profile. Case management Resolution
Hub is a case management system. Case data is centralized in one location with a
full audit log. Board-ready insight into progress and problem areas. Either
induce their own case management system. Or need plugging in to a third party.
Various options with different capabilities. Various options with different
capabilities. May need to connect to a third party or in-house case management
system. Many connect employees with legal support directly. Not focused on
solving the problem internally. Report routing Automated routing based on
multiple attributes (location, language, category of misconduct, etc.)
Collaboration between different teams. Various options with different
capabilities. Third party involvement increased friction. Various options with
different capabilities. Various options with different capabilities.

Close

Features Vault Hotline Bot/ AI Third Party Other Tech Solution Employee
accessibility Mobile app & web reporting Phone; handled by a call center
Resolution requires human intervention and handover Third party adds friction.
Employer less accountable Focus on connecting employees with lawyers, increasing
risk of lawsuits Two-way communication Yes, even if anonymous No No Possible;
handover needed Possible Multi-language support Yes May need multiple providers
Possible May need multiple providers May need multiple providers Anonymous
reporting Yes, with two-way chat Yes, but no followup Yes, but no followup Yes,
but no followup Yes Data confidentiality & security Unique instance for every
client; ISO27001 compliant Third party handles data Third party handles data
Third party handles data Many connect employees with lawyers. Third party
handles data Scalability & enterprise capability Designed for enterprise Legacy
solution. Shared resource Human required for resolution Shared resource with
other clients Shared resource Case management Resolution Hub; Data & Analytics
In some cases In some cases In some cases In some cases Report routing Automated
routing; multi-team collaboration Manual/third party process Manual process
Manual/third party process Manual/third party process

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