Accounts Deceivable: Real life stories of crime and fraud
Put your headphones on
Listen to our new podcast series, Accounts Deceivable, on Apple Podcasts, Spotify, or your favorite podcast platform.
Family fortunes
“I can remember my heart beating out of my chest, I can remember not being able to breathe well, I can just remember being in a complete panic, not knowing if this was the moment I was going to get busted.”
Diana had embezzled hundreds of thousands of dollars from her company after her family hit a rocky patch. With nowhere to hide, she hit rock bottom.
Diana’s story is just one that Medius’ new podcast, “Accounts Deceivable” delves into, as we explore the world of invoice fraud. Speaking to both victims and perpetrators to better understand why people commit invoice fraud, their stories are eye-opening and heartbreaking in equal measure.
Invoice fraud has seen a major uptick since the pandemic, with a 75% increase within the first three months of 2020.
Cybercrime is also becoming more sophisticated with BEC (Business Email Compromise) crimes responsible for more financial losses than any other method, as highlighted in Sherri’s story below.
Devil's in the email
“I went upstairs and talked to my husband immediately and said, “oh my god, I think we’ve been a victim of a cybercrime and I think we just lost $600,000 dollars.”
With scammers able to access your systems and lie in wait for the opportune moment to strike, it can be catastrophic, both personally and for your business.
Not only that, but 20% of finance professionals are unable to estimate the cost of fraud to their business. This, alongside a high turnover rate in finance departments, creates the perfect storm for invoice fraud to take place.
Don't be deceived
You can listen to both Diana’s and Sherri’s stories, and the whole of the Accounts Deceivable podcast series, on Apple Podcasts, Spotify, and wherever you get your audio fix.
Autonomy allows for the right actions to happen no matter what.
AI/ML addresses the short comings of rule-based automation by creating autonomous engines for invoice management. Where automation dictates that a certain set of actions happen when the trigger event occurs, autonomous, through AI/ML, dictates that the right set of actions happen when triggered, even when the underlying details shift. It is a subtle but powerful difference. Consider how an autonomous system allows approvals to flow to the appropriate person even when certain aspects of the approval flow shift and change due to absence, job changes, project team movement, and so forth — all without human intervention. Powerful.
