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.
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95% of businesses have seen invoice fraud in the last year.
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34,000 cases across the 2,750 businesses sampled globally.
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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.
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57% of businesses say the responsibility to fight fraud is NOT shared between finance and IT.
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Only 42% of companies collaborate to prevent and catch payment fraud.
Here’s how you stop it.
- Validate important vendor data—make sure they are who they say they are.
- Build in some regulations and a few checks and balances.
- Invest in anomaly-detection technology, so if something isn’t right, it stands out.
- Automate payments and protect the invoice process, end to end.
