SECURITY SOLUTIONS
MEDIUS LAUNCHES FRAUD AND RISK DETECTION
Medius , a leading provider of AP Automation and wider Spend Management solutions , has introduced a new fraud and risk detection product to help businesses proactively prevent fraud , gain greater visibility and have control across the invoice-topay lifecycle . The new solution extends existing risk and compliance controls within the Medius Suite .
The new product is introduced as research shows a rise in fraud risk , with a study from Cybersecurity Research finding that over half of organisations have experienced increases in fraud attempts in the last 12 months . Nearly 60 % of respondents also indicated that finance teams are the most frequent victims of fraud and phishing attempts .
Medius Fraud and Risk Detection will save finance teams both time and money , building a crucial risk management and governance framework within a business . Using the latest advances in AI and Machine
Learning ( ML ), the product monitors for risk events within the invoice-to-pay process and alerts the right people to take action . The solution also features real-time analytics to enable teams to better understand the threats and to therefore pre-empt issues before they take place .
To protect AP teams against both internal and external fraud , Medius Fraud & Risk Detection detects anomalies and risk factors using AI across the invoice lifecycle . Online alerts provide transparency for users to spot fraud attempts like fake invoices or duplicate payments and more sophisticated fraud schemes . Action can then be taken to remediate the potential risk immediately . Financial teams can consistently enforce their organisation policies within one unified process that meets their business needs .
The application offers new insights and visibility with Medius Fire Station Dashboard to alert finance leaders on risks within their AP process , ensuring leaders can examine specific risk types and profiles to continuously improve the security of AP and payment processes .
Crucially , the product is designed to prevent fraud or other risks like duplicate payments before it takes place , ensuring businesses are protected from the costly and difficult task of trying to recover stolen funds . In the US , the average business loses approximately $ 300,000 to fraud every year .
Daniel Ball , EVP Product at Medius , said : “ Over-burdened finance leaders need visibility across the invoice-to-pay process , and to feel confident in their ability to find and mitigate fraud within their businesses . Medius Fraud and Risk Detection helps businesses proactively manage the risk so they can prevent issues . This is so important for business leaders who are operating in challenging economic conditions and who simply can ’ t afford the added and preventable costs of fraud .” � www . intelligentfin . tech
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