How AI can help the fight against procurement fraud
A 2022 report from McKiney detailed a new approach to fighting fraud while enhancing customer experience, as fraud is escalating as digital adoption has increased.
Fraud and risk protection
Medius, a provider of AP Automation and wider Spend Management solutions, is one provider who are issuing a new Fraud & Risk Detection product to help businesses proactively prevent fraud, and gain greater visibility. The new solution extends existing risk and compliance controls within the Medius Suite.
The new product is introduced as research shows a rise in fraud risk, with a study from Cybersecurity Research finding that over half of organisations have experienced increases in fraud attempts in the last 12 months. Nearly 60% of respondents also indicated that finance teams are the most frequent victims of fraud and phishing attempts.
Better understanding threats
Using AI and Machine Learning, it monitors for risk events within the invoice-to-pay process and alerts when action is required. The solution also features real-time analytics to enable teams to better understand the threats and to therefore preempt issues before they take place.
Daniel Ball, EVP Product at Medius, says: “Over-burdened finance leaders need visibility across the invoice-to-pay process, and to feel confident in their ability to find and mitigate fraud within their businesses. Medius Fraud & Risk Detection helps businesses proactively manage the risk so they can prevent issues. This is so important for business leaders who are operating in challenging economic conditions, and who simply can’t afford the added and preventable costs of fraud.”
Kevin Permenter, Research Director, Financial Applications, IDC, says: “The real promise of AI and ML within autonomous finance is not just streamlining processes but eliminating them. Anomaly detection using AI and ML from solutions like Medius Fraud & Risk Detection helps to ensure policies are consistently and repeatedly being enforced giving CFOs new insights and data that they need in today’s volatile landscape.”
Read more ways to fight procurement fraud in a global supply chain.
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Other magazines that may be of interest - Supply Chain Magazine | Sustainability Magazine
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