APEX Analytix® Launches New Service to Prevent Costly Payroll Fraud
The company's new “Payroll Analysis Service” detects falsified timesheets, inflated salaries,
fictitious employees -- and more.
(PRWEB) May 10, 2010 -- Today APEX Analytix® is launching a new service to help companies detect and
prevent costly payroll fraud – including falsified timesheets, inflated salaries and even fictitious employees
receiving a paycheck.
APEX Analytix® is a global leader in software and services to safeguard disbursements, reduce risks and
improve performance across the procure-to-pay cycle. The company’s new Payroll Analysis Service combines
the expert analysis of certified fraud examiners with the sophisticated detection capabilities of complex software
“Payroll scams are a costly problem that can be exacerbated by plant closures, staff reductions and turnover,”
says Steve Yurko, CEO of APEX Analytix®. “Experience shows fraud often soars during tough economic times
when companies can least afford the loss. That makes effective detection and prevention a must.”
According to recent research by the Association of Certified Fraud Examiners, U.S. organizations lost an
estimated 7 percent of their annual revenues to fraud in 2008 alone, representing a staggering $994 billion of the
U.S. Gross Domestic Product.
To help companies combat the problem and target payroll scams, APEX Analytix® assesses payroll data and
personnel files against dozens of potential fraud scenarios. Risks are rank-ordered for investigation and an
actionable mitigation plan is recommended to prevent both current and future losses.
The new Payroll Analysis Service builds on a growing portfolio of APEX Analytix® products and services
designed to help companies detect fraud and protect hard-earned profits. Among them are:
• FirstStrike® Fraud Detect, a software solution that uses continuous monitoring to uncover and prevent fraud in
• Vendor Risk Analysis, a software and services solution that de