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PHACKS | Accounting
Accounting firms have their own business requirements to improve and make their data-centric accounting processes more efficient. However, they also face similar KYC, AML and other business requirements to law firms and also their regulated customer organisations. They also face a range of other types of fraud, some of which could potentially leverage the Sedicii platform. These include:
- Advance fee fraud
- ACH fraud
- Misappropriations
- Overstating revenue
- Financial statement fraud
- Overstating assets
- Payroll fraud
- Aggressive accounting
- Billing schemes
- Corruption
- Embezzlement
- Tax evasion
- Understating expenses
- Concealing liabilities
- Falsifying expenses
- Fictitious revenues
- Identity theft
- Account takeover
- Fake supplier
- Falsely stating information about business transactions
- Inadequate accounting policies
- Inventory theft
- Not tracking expenses
Realising Value through PHACKS
Accounting firms are valuable connectors across different sectors. Some accounting firms are much better at KYC, counter fraud, real-time auditing anomaly detection and digital trust services than others, and therefore there is a small but growing number of accounting firms significantly improving their digital KYC, compliance and trust services for themselves and their clients. In some countries, this is starting to replace manual notary services and creating new lines of business. PHACKS can accelerate this evolution to decrease costs and increase competitive advantage.
In the future, there is the opportunity to leverage privacy-preserving capabilities, such as PHACKS, to enable collaboration across accounting firms and their customers, particularly for counter-fraud and cross-organisational anomaly detection to detect repeated attempts by organised crime to identify target people and organisations, and to find ways to extract their money, company secrets and intellectual property.
How to Participate in PHACKS
If you are inerested in getting involved, please visit our How to Participate page or Contact Us.