7 Effective Ways to Detect and Prevent AP Fraud and Financial Loss
As invoice non-compliant spending continues to rise and fraud tactics become more sophisticated, accounts payable teams are paying the price – literally. Recent studies reveal that 80% of organizations report being victims of payment fraud attacks1, while 44% say expense-related fraud is a significant threat to their company’s financial performance2.
With organizations moving faster and relying more on digital transactions, fraudsters will only continue to uncover new ways to exploit gaps in AP processes. Manual AP processes significantly heighten the risk of fraud, making it essential for AP teams to adopt a smarter, more proactive approach.
Implementing an end-to-end AP automation like Concur Invoice provides robust controls and integrates AI-powered fraud detection into your AP workflow. This ensures that non-compliant activities are identified before payments go out the door.
This brief tip sheet outlines seven effective strategies for detecting and preventing fraud and safeguarding your organization from financial loss. Download it today.
