Close Processes Duplicate Fraud Detection 
Nanonets
JULY 24, 2023
Step 5: Find errors Although rare, errors can occur on the bank's side, such as duplicate records, incorrect transaction entries, or miscalculated commissions. Fraud Detection and Prevention: Account reconciliation plays a vital role in uncovering potential fraud and unusual activity within financial records.
Nanonets
JUNE 18, 2024
It also helps prevent and detect theft and fraud earlier, assisting organizations to comply with financial regulations such as the Sarbanes-Oxley Act (SOX) , which mandates that publicly traded companies establish internal controls and procedures for financial reporting.
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