Accounts Payable Solutions
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In a time where organisations are transitioning to more digital processes, online data management and cloud-based solutions, the risk of fraud is greater than ever. UK Finance reports that over £1.2 billion was stolen from companies by criminals through fraud in 2022, with £49.5 million through invoice and mandate fraud alone. The report also highlights that 78% of company fraud cases in 2022 originated from online sources.
Read more - Invoice fraud detection: What is it and how can you spot it?
You don’t have to be a doctor to know that prevention is better than cure. From car maintenance, to vaccination and even wrinkle control, prevention is cheaper, time-saving and far less painful (we’re looking at you, Botox).
Read more - Prevention is better than cure: why it’s time to replace your AP recovery audit
In 2019, UK Finance issued data that indicated 26% of large businesses have fallen victim to invoice fraud, despite 84% not fully understanding what invoice fraud actually means. With the ever-growing sophistication of fraudsters, finance teams need to look beyond their ERP to fully safeguard their business. Conviction of Evaldas Rimasauskas; Manhattan Using imitation email addresses, Lituanian national Evaldas Rimasauskas successfully defrauded US tech giants Facebook and Google out of a total ...
Read more - The Worst Invoice Fraud Cases in 2019/2020