F E A T U R E
F E A T U R E
AUTOMATED AP SYSTEMS PROVIDE A GREAT FIRST LINE OF DEFENCE AGAINST FRAUD .
manually , but AI can perform them quickly and without needing to divert attention from other work . Just a few years ago , undertaking this kind of work would have led to team burn-out , but now AI can take the strain , meaning AP departments can go further than ever before to proactively identify fraud and head off the threat at source . In turn , team members can place their full focus on more complex issues .
Encouraging proactivity to drive change
By drawing on automation and AI , AP teams can play a part in stopping criminals in their tracks and dramatically reduce the threat they will fall victim to APP fraud , or lose money through other types of attacks , mistakes or human error . De-risking the finance department means businesses can move forward confident their finances are airtight , in turn retaining customer and investor confidence .
To really drive this change , the Government should be incentivising businesses to proactively identify instances of APP fraud . Now that we have had a change of power in Westminster , it could be time to consider a fresh approach to fighting financial crime . For instance , tax breaks could be used to encourage businesses to modernise finance systems to enable them to proactively monitor for fraud . While the reimbursement safeguard is a vital lifeline for victims , it ’ s time to get on the front foot to reduce the chances of APP fraud succeeding . �
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