PodsystemM2M and CASWA have today announced an agreement to provide global systems for data logging, collation and analysis to combat fraud and asset misappropriations.
According to the latest report* from the ACFE (Association of Certified Fraud Examiners), asset misappropriation and misuse is one of the most common types of occupational fraud, particularly in the manufacturing industry, and can cost businesses dearly with a median loss of $130,000 a year. In addition, the report states that monitoring and proactively analyzing data significantly reduces the cost and duration of fraud, but was used by only 35 percent of the organizations in the study.
CASWA develops products to ensure that all asset use is attributed to an operator, unqualified and unauthorized operators cant start equipment, and equipment utilization is recorded in real time. As such, they are not only an effective way to combat fraud, they also help to increase longevity of equipment, promote efficiency of use of any powered installation and stimulate a culture of accountability among employees, thus improving business profitability.
The devices are designed for use globally and can be fitted to all types of machinery and electronic devices to send real-time data back to a centralized platform so that activity can be monitored at all times. One of the main reasons for using multi-network SIMs from PodsystemM2M in the devices is the expansion of CASWAs business to countries outside Australia, and the remote location of some of the devices, which require continuous access to the mobile network.