Intelligent Solutions for Payment Fraud Risk Management

Intelligent Solutions for Payment Fraud Risk Management

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Key Takeaways

⇨ A comprehensive software can help protect against overpayments, investigate, and prevent fraud, analyze large data stores for new insights, predict results.

⇨ A fraud risk management solution will have several components, to put sufficient controls and compliances in place for the procure to pay process. Fraud detection and prevention will be one such aspects. At a high level, the key components of such a solution are controls, fraud detection and analytics.

⇨ The fraud detection component of the software solution provides the continuous, automated protection, leveraging AI algorithms, to identify and mitigate business risks across.

The extensive nature of supply chain networks creates many points of risk. One of such risks, within the procure to pay space is supplier payment fraud. Some examples of procurement fraud are supplier spoofing, business email compromise and spoofing an officer of a company. Procurement fraud is not only becoming more prevalent but is also becoming more and more sophisticated. The fraud instances exploit weaknesses that are prevalent due to manual control processes that many organizations still leverage. The need of the hour is to employ smarter and automated solutions instead of manual controls.

To discuss this critical topic, SAPinsider invited Akhilesh Agarwal, COO & EVP, Global Procure to Pay Solutions & Applied Technology at apexanalytix for a discussion.

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