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Fraud costs enterprises about 5% of annual revenue, the Association of Certified Fraud Examiners (ACFE) noted in a recent report. Fraudsters look at the Accounts Payable (AP) departments and see dollar signs because they have poor controls and security protocols to prevent attacks. It is majorly because this business function focuses majorly on processes payments and accounting - making it a vulnerable target by bad actors.
AP fraud breaks out into a few typical patterns, which we’ll examine below. The good news is that organizations can take necessary action powered by technology to reduce the risk of fraud and malicious activities.
Continue reading this comprehensive and poignant take on AP Fraud and how to prevent it with automating and AI here.
About the Author
Dr. Akhil Sahai, Chief Product Officer, Founding member Kanverse.ai