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2 mins read

Digital Fraud

How to Reduce Accounts Payable Fraud: Embrace Advanced Technologies

by Yooz U.S. Editorial Staff on 02.5.2020

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There are now some very effective technology tools for supporting finance departments in their fight against Accounts Payable fraud and fraudsters. But how to choose the right one?

 

Digitalization tools have become essential for financial decision-makers and are now more accessible than ever. 

 

In addition to ensuring total traceability of all actions taken regarding documents, the most advanced tools also integrate algorithms capable of extracting all the data present in those documents in order to detect and prevent document fraud and trigger alerts if abnormal data is detected.

 

Artificial intelligence is becoming more widespread and is now within the reach of companies of all shapes and sizes. In the financial domain, software solutions that incorporate AI offer very competitive quality/price ratio.

 

How Advanced Technologies Help Fight Fraud in AP

Here are some ways that advanced technologies help fight fraud:

 

  • Frequency Analysis:
    • Outstanding amounts detection versus usage history
    • Detection of potential duplicate invoices and/or payments
  • RPA (robotics process automation):
    • Systemization of internal control rules
  • Traceability:
    • Identification of fraudsters
    • Access to who accessed documents
  • Shape/metadata analysis:
    • Automatic alerts
       in case of changes in supplier bank details
    • Automatic detection of forged documents (invoice, P.O., etc.)

Advanced technologies such as these also support P.O. matching, a key factor in preventing invoice scamming, a common type of fraud. When a fake invoice is submitted by a fake supplier, if there is no P.O. to match it again, the system will alert the user.

 

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