Fraud in Accounts Payable: Fake Invoices, Real Threat
⇨ What are the different forms of AP fraud?
⇨ How can the AP process be more secure?
⇨ In what ways does AP automation brings more security?
Accounts payable fraud is a common type of deceit that targets an organization’s accounts payable department, which is responsible for making payments to suppliers and other vendors. The impact of AP fraud on an organization can be extremely detrimental due to the scope and amount of money involved. In fact, according to a recent report published by the Association of Certified Fraud Examiners (ACFE), a typical company loses up to five percent of its revenue to fraud every year.
While no company is immune to AP fraud, having an automation solution can help make your business more secure and protect yourself against certain risks.
Read this blog by CEO and President at xSuite North America, Danny Schaarmann, to discover what types of AP fraud you should be on the lookout for.