Palmar Forensics leverages Thomson Reuters Risk & Fraud Solutions to enhance its fraud analysis investigations and provide comprehensive vendor credentialing checks.
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| High stakes, high solutions |
| The challenges: Pre-Thomson Reuters |
| Why Thomson Reuters Risk & Fraud Solutions? |
| Money-saving results |
| Achieving investigative excellence |
High stakes, high solutions
For risk and fraud professionals, the stakes are high. A single misstep in an investigation can result in significant financial losses, reputational damage, or even legal repercussions. That’s why firms like Palmar Forensics prioritize staying ahead with cutting-edge tools and technologies. In a recent case study, Palmar Forensics emphasized how Thomson Reuters’ solutions have bolstered their investigative capabilities.
Palmar Forensics leverages Thomson Reuters Risk & Fraud Solutions to perform thorough vendor credentialing checks and conduct efficient, effective fraud analysis. This reduces risk and allows clients to onboard vendors with confidence.
The challenges: Pre-Thomson Reuters
Before adopting Thomson Reuters Risk & Fraud Solutions, Palmar Forensics encountered significant challenges in conducting vendor credentialing checks and fraud investigations. The research tool they used generated lengthy reports that were time-consuming to sift through, often containing false positives and inaccurate information. This resulted in wasted investigative hours and a lack of confidence in the results. The need for a more efficient and effective solution was evident.
Key challenges
- Ineffective research tools generating lengthy, inaccurate reports
- Manual searching through reports, wasting investigative hours
- Inability to rely on the accuracy of the information provided
- Need for a more comprehensive and navigable solution
Why Thomson Reuters Risk & Fraud Solutions?
Palmar Forensics selected Thomson Reuters Risk & Fraud Solutions, specifically the CLEAR suite of tools, after a comprehensive evaluation of alternative solutions. The decision was based on several key factors, including the comprehensiveness and navigability of the reports, the algorithms and logic used to uncover hidden insights, and the credibility of Thomson Reuters within the industry.
Key benefits
- Comprehensive and accurate results: CLEAR provides thorough and up-to-date information from public records, sanctions databases, and adverse media coverage.
- Uncovers hidden insights: The solution’s algorithms and logic uncover shell companies, bid-rigging, and other suspicious activities.
- Easy to use: CLEAR’s reports are structured and searchable, making it easier to find the necessary information.
- Significant efficiency gains: Automating the investigative process saves time and reduces the manual effort required.
Money-saving results
The decision to invest in Thomson Reuters Risk & Fraud Solutions yielded significant outcomes. Palmar Forensics has successfully vetted around 7,000 vendors across the U.S. and overseas, preventing at least 40 vendors from being onboarded due to detected criminal activity. The investigations have uncovered numerous instances of fraudulent or criminal activity, providing clients with the insights needed to make informed decisions.
Achieving investigative excellence
Thomson Reuters Risk and Fraud Solutions showcase the power of innovative technology in investigative fraud. By using CLEAR tools, Palmar Forensics improved their investigations, delivering more precise and timely results to clients. This case study highlights how the right technology can make a big difference in fraud investigations.
Read the full case study to learn how Thomson Reuters can enhance your organization’s fraud prevention and reduce vendor fraud risks.
Disclaimer
Thomson Reuters is not a consumer reporting agency, and none of its services or the data contained therein constitute a ‘consumer report’ as such term is defined in the Federal Fair Credit Reporting Act (FCRA), 15 U.S.C. sec. 1681 et seq. The data provided to you may not be used as a factor in consumer debt collection decisioning, establishing a consumer’s eligibility for credit, insurance, employment, government benefits, or housing, or for any other purpose authorized under the FCRA. By accessing one of our services, you agree not to use the service or data for any purpose authorized under the FCRA or in relation to taking an adverse action relating to a consumer application.
