How Medius Fraud & Risk Detection uses AI to detect, demystify, and resolve invoice and payment fraud
Medius offers fraud and risk detection solutions using machine learning and AI controls to gain visibility into fraud and risk exposure. The purpose-built analytics tool, Medius Fire Station, offers process control and corporate governance benefits. Early detection of fraud and risk, demystification of threats, and resolution follow-through are enabled by Medius, leading to a consistent and repeatable process. Businesses face significant risk in financial processes like invoices and payments, with an increase in fraud attempts. Medius provides insights into unknown risks and enables corrective action, resulting in relaxation and fast action.
Fraud is everywhere.
In your personal life, how many times have you been the target of a scheme to trick you into parting ways with your personal information and money?
But did you know that for businesses, the greatest single area of risk are the financial processes of invoices and payments?
Think about it for a second.
You have an overburdened AP department trying to keep their head above water while keeping the lights on and the supply chain flowing. If you're a fraudster, creating and sending an official looking invoice document into an overworked department playing with house money is a no brainer.
This is supported by research and data.
According to both Ardent Partners and cybersecurity research surveys, over half of organizations have experienced increases in fraud attempts in the last twelve months, and nearly sixty percent of survey respondents indicated that finance folks are the most frequent victims of fraud and phishing attempts.
So what can you do about it?
With Medius Fraud and Risk Detection, you can see and understand the unknown, and gain visibility into your fraud and risk exposure with new insights.
And forget double checking, try infinitely checked. With Medius, you can relax and let machine learning and AI controls ensure that your policies are being enforced, and it works right within the Medius solution you know so you can obtain these powerful benefits immediately. Let's take a look. Every invoice is automatically scanned to detect against risk of fraud. Fire icons make the threats obvious, and drilling into the transaction reveals the number and nature of the threats.
In this example, we have two risks, both of which indicate fraud. The first is the supplier is new to us and does not exist, and the second is that there's a duplicate.
Naturally, you need to be able to take corrective action and document the reasoning behind your action.
This ability to detect and bubble up threats like fraud and take corrective action means you de-risk your business and gain visibility and control across the procure to pay process.
Medius Fire Station is the purpose-built analytics included with the fraud and risk detection solution.
It provides in a single place all of the current threats, the ability to filter risks by the category, view historical threats and how those were resolved, and to quickly access deleted documents.
Combined, this gives you great process control and demonstrates good corporate governance.
Let's recap what this means for your business.
First of all, you're going to be able to relax more because Medius is minding the gap for you and enabling you to act fast and have a consistent and repeatable process.
Second, you're going to detect fraud and risk earlier, demystify the threat, and follow through to resolution.
And lastly, you're going to obtain these benefits faster with the flip of a switch because they are embedded within the Medius solution you know.
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