Despite the use of increasingly sophisticated tools to check every invoice, fraud continues to grow in the business world. The number of fraudulent invoice-related incidents is both surprising and worrisome: half of all UK companies were victims of fraud within the past two years, according to a survey conducted by PwC. A large portion of that comes from falsified vendor invoices or bank details.
Not all organisations have made the same progress in their efforts to detect fraud. The human, organisational and financial means implemented to check for fraudsters is different in small, medium, and large organisations, but there is a clear need for practices to change.
Two facts are indisputable at this time. First, no organisation is immune to the danger of bank, customer and vendor fraud. Second, there is no direct connection between company size and the monetary impact that fraud can have on a business. Fraudsters can strike anyone for any amount.
Resources to detect and address accounts payable fraud, including invoice fraud by real or fake vendors, must therefore be part of a global strategy and action plan that leverages three core pillars: focusing on human behaviour, revisiting organisational aspects and implementing new methods to detect fraudulent acts.
Start to address invoice fraud by focusing on people