F E A T U R E the knock-on impact of APP Fraud is potentially disastrous . It ’ s a particular problem for SMBs , which will have a more limited ability to absorb unexpected losses like fraud or bounce back from financial setbacks . To truly deal with the issue , we need a more comprehensive approach to tackling APP fraud .
F E A T U R E the knock-on impact of APP Fraud is potentially disastrous . It ’ s a particular problem for SMBs , which will have a more limited ability to absorb unexpected losses like fraud or bounce back from financial setbacks . To truly deal with the issue , we need a more comprehensive approach to tackling APP fraud .
Focusing efforts upstream
More emphasis needs to be placed on proactive detection , to cut off APP fraud at its source . Even in smaller businesses , attempts to spot fraudulent activity can be like looking for a needle in a haystack . Accounts Payable ( AP ) systems are often manual and data-heavy , meaning it is hard to get good visibility over all transactions . Against this backdrop , if teams are stretched , they ’ re even less likely to spot the anomalies , so it ’ s easy to understand how mistakes and attacks can slip through the net .
This is where automation and AI can make a vital difference . AP systems can draw on the power of automation to cross-verify invoices against purchase orders and delivery receipts . This can automatically identify any discrepancies , flagging potentially fraudulent invoices that AP teams need to investigate .
Supply and procurement leaders say businesses that fail to use automation for invoice matching purposes are going to be ‘ sitting ducks ’ for criminals ; those who fail to heed this warning could be left picking up the pieces . On the flip side , automated AP systems provide a great first line of defence against fraud . For instance , by automatically creating and tracking invoices , they can detect
MORE EMPHASIS NEEDS TO BE PLACED ON PROACTIVE DETECTION , TO CUT OFF APP FRAUD AT ITS SOURCE .
duplicate invoice requests , or instances of employees accidentally paying the same invoice twice .
Meanwhile , AP departments can also use AI to analyse vast sets of data , accurately identifying unusual payment patterns or anomalies in real time . These tasks would be extremely labour-intensive if done
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