June 27, 2023
In today's digital age, financial fraud is an increasingly common concern for businesses of all sizes.
According to PwC, 51% of organizations say they experienced fraud in the past two years. 40% of those organizations encountering fraud experienced platform fraud.
Fraudulent activity can have serious consequences, not only financially but also in damage to reputation and loss of trust from stakeholders.
Fortunately, Infor SunSystems Cloud has a number of features to help prevent fraud and ensure that your business is as secure as possible. SunSystems Cloud leverages the latest in cloud-based security technologies to keep your financial data safe and secure.
Let's go over some simple but effective ways SunSystems Cloud prevents fraud:
Cloud security within Amazon Web Services (AWS)Infor SunSystems Cloud runs on Amazon Web Services, the most popular cloud platform in the world. AWS is designed to provide superior security and compliance management capabilities through a combination of access management control and encryption technology.
By leveraging a secure infrastructure provided by AWS, SunSystems Cloud offers the highest levels of security for your business data, with multiple layers of authentication protecting all areas.
This advanced security measure ensures that your data is securely stored and kept safe from external threats and also internal fraudulent activities. All data is encrypted using state-of-the-art technology and stored in a secure, cloud-based environment.
Automatic and ongoing updates for security and complianceSunSystems Cloud is automatically updated with the latest security and compliance measures. This means you don't have to worry about manual updates or managing your own security protocols.
How does this translate into preventing fraud? The most recent security updates ensure that your financial data is kept safe from hackers and malicious software, as well as ensure that you meet all industry standards for compliance.
Real-time data access and monitoringSunSystems Cloud provides real-time access to financial data, allowing you to monitor transactions and spot any suspicious activity quickly. This allows you to take prompt action, if necessary, helping reduce the risk of fraud.
Suspicious transactions can be flagged and investigated as soon as they occur. With this increased transparency, you can be sure your financial data is secure and protected from fraudulent activity.
Automated processes for improved data accuracyThe software comes with automated processes that can help improve data accuracy. This means errors and discrepancies are less likely to occur, reducing the risk of fraudulent activity.
It enables collaboration and accessibility, allowing multiple users to access financial data from anywhere, anytime. This can help improve transparency and accountability, making it more difficult for fraudulent activities to go unnoticed.
Infor SunSystems Cloud is designed to offer the highest levels of security and compliance for your financial data. With its advanced features and tools, it can help minimise the risk of fraud and ensure that your business stays secure.
By leveraging automated processes and real-time monitoring capabilities, you can be sure that any suspicious activity is spotted quickly and appropriate action can be taken. This enables you to protect your business from fraudulent activities while ensuring the accuracy of financial data.
About the author
FinanSys is a dedicated provider of Infor SunSystems. As an Infor Gold Channel Partner, FinanSys has a financial management solution for every business, backed by 25+ years of experience. Get in touch with them for SunSystems implementation, training, configuration and support.