Council Post: How AI Can Help To Prevent Accounts Payable Fraud

Chief Product Officer at Kanverse.ai. According to the "2020 Report to the Nations," published by the Association of Certified Fraud Examiners (ACFE), organizations lose an estimated 5% of annual revenue due to fraud. For organized scammers, accounts payable (AP) departments are often perceived as a poorly guarded cashbox they can target for scams or other malicious attacks. In most cases, payments are processed through these departments, which makes this function vulnerable and a prime target for theft. There are several common types of AP fraud, but fortunately, there are also steps organizations can take to reduce their risk.