Preventing fraud using e-Invoicing and strict internal controls

November 27, 2013  |  Compliance, Invoice Automation

prevent fraud 150x150 Preventing fraud using e Invoicing and strict internal controlsLast year Danny Thompson wrote a blog post on how e-Invoicing is uniquely equipped to help companies prevent invoice fraud. A recent news story is a reminder of the need for robust internal processes to mitigate abuse.

Two AP employees at a telecommunications company manipulated the system to issue duplicate payments, defrauding the business of more than $900,000. That’s enough money to make a CFO need CPR, especially given the US-based Association of Certified Fraud Examiners’ estimate that organizations around the world lose 5% of their annual revenue to fraud. The good news is that much of this can be prevented using e-invoicing and strict internal controls.

Source: http://www.ob10.com/OB10Blog/post/2013/11/14/Preventing-fraud-using-e-Invoicing-and-strict-internal-controls.aspx#!



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