AI and Automation: Weapons in the Battle Against AP Fraud

Fraud costs enterprises about 5% of annual revenue, the Association of Certified Fraud Examiners (ACFE) noted in a recent report. Fraudsters look at the Accounts Payable (AP) department and see dollar signs because there are typically poor controls in place to prevent attacks. Because this business function processes payments, it's wide open for targeting by bad actors. AP fraud breaks out into a few typical patterns, which we'll examine below. The good news is that there are steps organizations can take to reduce the risk of these happening.