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Accounts Payable Fraud

Preventing accounts payable fraud is no easy task but by using an AP automation software like Yooz, it gets easier. Learn how to spot and stop breaches within your organizations accounts payable department and how Yooz can keep your documents secure on our cloud-based platform.

accounts payable fraud and security

Accounts Payable Fraud Risks: Prioritizing Risk Management 

 

Why should CFOs make leveraging advanced technologies a priority in their Accounts Payable fraud risks strategies to win the fight against fraud? Because security not only brings a piece of mind for an organization but also a competitive edge by simultaneously streamlining your Accounts Payable process.

Three types of advanced technologies that your business needs to prevent fraud are: digitalization, big data and machine learning. Yooz Accounts Payable automation utilizes all three of these technologies along with artificial intelligence (AI) and many others to fight against fraud in the Accounts Payable process.
 
Here are more ways Yooz’s advanced technologies help fight fraud:
  • Frequency Analysis:
    • Outstanding amounts versus usage history
    • Recognition of potential duplicate invoices and/or payments
  • RPA (robotics process automation):
    • Systemization of internal control rules
  • Traceability:
    • Identification of fraud attempts
    • History of who accessed documents
  • Shape/Metadata Analysis:
    • Automatic alerts in case of changes in vendor bank details
    • Automatic identification of forged documents (invoice, P.O., etc.)


Advanced technologies are essential to your companies fight against fraud so now is the time to start the internal conversations to get your leadership and team onboard with digitalizing your invoice and payment processes with an Accounts Payable automation solution.

Accounts Payable Fraud Detection for the Purchase-to-Payment Process

 

Companies worldwide have lost more than $7 billion due to fraud. That's why Accounts Payable Fraud detection is becoming a must for the procurement-to-payment process. Learn more about the types of fraud you need to look out for and the best advanced Accounts Payable Automation solution to detect them.


When utilizing smart technologies of an Accounts Payable automation solution fraud detection will reveal fraudsters in a variety of ways and they are not all monetarily driven:

  • Financial: Financial impact of fraud can be felt not only when cash is directly impacted but also when it comes to operating income.
  • Data Theft: Client data files are vital to a commercial company as well as the nature of its business agreements and partnerships. This threat can take two forms: inaccessibility to data and malicious use of corporate data.
  • HR and Psychological Impact: A breach affects employees psychologically when they feel betrayed by a work colleague can also lead to managers questioning if there was anything they should have done to prevent the fraud from occurring.
  • Reputation: Falling victim to fraud from a lack of skill in Accounts Payable fraud detection impacts the company’s reputation, from the company’s main commercial partners, namely its clients and suppliers, to its shareholders.


There are three types of fraud in the invoice and payment process that are easy to miss:

  • Duplicate invoices
  • Phantom vendors
  • Missing checks

 

Yooz leverages a number of advanced technologies to automatically validate and detect fraudulent invoices and documents in the purchase-to-payment process. Yooz will automatically notice and redirect any possible fraudulent invoices for further review before it’s too late.


Here is how the Yooz system works to detect fraud:

  • Once the invoice is received into the Yooz system it moves securely through the workflows automated steps and stored in our cloud-based platform that has the highest level of security. The original paper invoice can then be shredded.
  • Only those with login credential can access documents stored in the Cloud. Users are also able to see the document history, who has accessed it, who has approved, and where it is in the workflow.
  • Permission access can be controlled according to the dollar amount and/or sensitivity of the documents, so only those approved will virtually “touch” the document.
  • Once the document is in the automated system, it goes all the way through the process electronically, including being exported to the secure financial system (when applicable).


Integrating Yooz Accounts Payable automation software will be your biggest ally in the fight against fraud in your invoice and payment processes.

How secure is your finance department?

 

U.S. businesses will lose an average of 5% of their gross revenues to fraud.


In this white paper “Game of Fraud: Return of the CFO” you can learn:

  • How today’s CFO is going to be effective in leading the fight against fraud by adapting their defenses to face new and more aggressive forms of fraud and fraudsters.
  • Three things that CFOs should be asking themselves (and answering) about the security of your business’ Accounts Payable process.
  • Identifying types of fraud and the risks associated with each.
  • The seven key things finance leaders can do to help mitigate, even prevent, fraud and other types of breaches.
Download the White Paper
8.12.19 WhitePaper_GameofFraud-US FINAL_Page_01
Yooz Game of Fraud infographic 4-1

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