Disorganized crime.

Messy paper trails and manual processes make invoice fraud easy.

Organized crime—yes, that organized crime— is becoming more professional, and along with a few rogue individuals, is thriving on disorganized invoice processes.

  • 95% of businesses have seen invoice fraud in the last year.

  • 34,000 cases across the 2,750 businesses sampled globally.

  • 1 case per month, on average, but 19% of business have seen as many as 30 cases in the last year.

$280,000 is a lot to lose.

25% of finance professionals are unable to estimate how much fraud is costing them—because they’re often unaware that it’s happening—but the other 75% put the cost at well over a quarter of a million dollars annually.

Are you fighting this with one arm tied behind your back?

Finance leaders are trying to take on fraud, but mostly on their own.

  • 57% of businesses say the responsibility to fight fraud is NOT shared between finance and IT.
  • Only 42% of companies collaborate to prevent and catch payment fraud.

Here’s how you stop it.

  1. Validate important vendor data—make sure they are who they say they are.
  2. Build in some regulations and a few checks and balances.
  3. Invest in anomaly-detection technology, so if something isn’t right, it stands out.
  4. Automate payments and protect the invoice process, end to end.

What's the answer?

If you want to dive deeper and learn more about fraud, check out our podcast, Accounts Deceivable.

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