Top 6 Action Steps to Reduce Payments Fraud

Unsurprisingly, one of the reasons fraud has hit new heights may be that there has been a strong period of growth – and disruption. As rapid growth boosts the number of transactions a company handles, and disruption causes a certain amount of uncertainty, new opportunities to commit fraud arise.

Controls are often bypassed or overridden as current staff struggle to manage increased workloads, while new hires take advantage of lax recruitment practices put in place to fill positions quickly.

While only four percent of perpetrators have a prior fraud conviction, businesses may be infiltrated for the express purpose of conducting fraudulent activities.

Indirect spend, generally accounting for 15-27% of a company’s total revenue, is where the majority of occupational fraud takes place. The paper outlines six controls to reduce indirect procurement and payments fraud from going undetected.

The paper covers areas such as managing indirect spend, exposing fraud across purchase to pay functions, identifying attempts to conceal fraud, specific case studies and more. Proactive steps include automation, multi-level approvals, and intelligence gathering using AI.

Read another whitepaper…

Guide to Invoice OCR & Digital Invoice Capture
Third party reports from the field confirm the challenge organizations face when capturing invoice data. 80% to 90% of invoices received by both medium and large size companies is either paper or email.
Insiders Guide to AP Automation Software
Palette’s whitepaper explores the various business models for AP software companies and how their specific approach works.
Intelligent 3 Way Match Whitepaper
Intelligent 3 Way Match is a shared central dashboard on desktop and mobile that shortens the approval cycle and increases staff productivity.

Are you ready to take the next step?

Let us know what problem are you looking to solve.