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4 practical tips to never worry about invoice fraud again

Use these essential invoice fraud prevention tips to reduce risk in accounts payable.
Keyboard with spacebar that says 'fraud'. Magnifying glass and lock symbols are placed next to the word. To indicates invoice fraud prevention.

What is invoice fraud?

Invoice fraud manipulates accounts payable into paying fabricated invoices or modified real invoices. These invoices may be real, but scammers intercept them and change the amount and payment details. UK Finance reported that UK invoice and mandate fraud losses totalled £24.8 million in the first half of 2023 alone.

How do I avoid invoice fraud?

Vigilance is necessary when it comes to fraud prevention in Procure to Pay. Fraudsters are forever finding new and inventive ways to ensure their invoices enter your ERP. We recommend stringent policies and procedures and to include the following:

Maintain the Master Supplier File

Cleanse supplier details regularly and check bank details thoroughly before you make changes. This should include confirmation from two parties in the company to ensure bank details are correct. We recommend removing duplicate vendors and those no longer in use monthly. Fraudsters thrive when they create confusion. Ensuring your file is up to date lessens that risk.

Monitor transactions for potential fraud.

Create checks for signs of invoice fraud. Signs include duplicate invoices, incorrect POs, anomalous invoice pricing or goods volumes, and inconsistencies between POs.

Treat urgent payment requests with caution.

Fraudsters try to create a sense of urgency to stop you from questioning them further. If in doubt, always question why it is critical, and respond to pressure with protocol.

Train your staff frequently.

This training should not only include spotting fraud signs and resisting invoice fraud attacks. You should give training on whistleblowing so employees know where to go to report an issue. Giving regular training will replenish knowledge and encourage an anti-fraud culture.

Invoice fraud prevention software from FISCAL Technologies

Our software makes avoiding fraud easy. We complete those essential checks, monitoring your transactions and your suppliers to surface fraud risks and show them to your team. With AI use and forensic level tests, we ensure no stone is unturned. Rectify those risks before the payment run and prevent invoice fraud in your organisation.

Prevent invoice fraud in Accounts Payable by:

  • Cleansing and maintaining the master supplier file.
  • Monitoring transactions for fraud red flags.
  • Treating urgent payment requests with caution.
  • Frequently training staff.

Find out more and get fraud prevention peace of mind

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For further information or to request a demo:

Would you like to know more about what FISCAL can do for you? Contact us at:
[email protected] or call +44 (0) 845 680 1905

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