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Check out our Upcoming Events page for news and updates on our future seminars and webinars.
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For more information on this topic or to submit a question for Dave or Jim, use our contact page at www.macpas.com/contact.
www.macpas.com/webinar-recap-skimming-what-the-auditors-miss
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2. • Invoice fraud poses a significant risk to
businesses, causing financial losses and
reputational damage.
• Intelligent Document Processing (IDP) is an
effective method for detecting and preventing
invoice fraud.
• IDP utilizes algorithms to analyze invoice data
and flag discrepancies or irregularities.
• By implementing fraud detection measures like
IDP, businesses can protect their finances and
maintain their reputation.
Introduction
3. Types of Invoice
Fraud
• Involves submitting fake invoices for goods or services
never delivered.
• Difficult to detect as they appear legitimate and impact
business finances.
• Results in cash flow drainage, reduced profits, and tax
detriments.
1- False Invoices
• Unethical dealers increase prices of goods or services
and bill them to clients.
• May include items that were never delivered.
• Damages a company's credibility and negatively affects
revenue.
2 - Overcharging
• Billing multiple invoices for the same goods or
services.
• Typically executed by individuals with access to
payment processing or accounts payable systems.
• Leads to reputational damage, legal liabilities, and
financial losses.
3 - Duplicate Invoicing
• Involves formulating fraudulent invoices previously
marked as unapproved.
• Results in paying twice for the same goods or
services, causing reduced profits and monetary losses.
4 - Unapproved Purchases
4. 1- Complexity of Scheme
2 - Limited Access to Data
• Lack of personnel and technology makes it
challenging to identify fake invoices.
• Implementing strong internal controls and
document fraud detection systems can mitigate the
risk.
3 - Limited Resources
Challenges in
Detecting Invoice
Fraud
• Invoice fraud involves multi-step schemes with
fake invoices or alterations.
• Fraudsters use social engineering tactics and
multiple bank accounts.
• Businesses must carefully examine every invoice
to detect and prevent fraud.
• Fraudsters exploit information gaps to conduct
their schemes.
• Lack of data access makes it difficult to detect
fraudulent invoices.
• Implementing strong internal controls and AI fraud
detection software can help regulate suspicious
activity.
5. 4 - Human Error
5 - Large Volume of Invoices
• Internal employees creating fake invoices is a
common form of fraud.
• Strict policies and procedures around vendor
management and payment processing are necessary
to detect internal fraud.
6 - Internal Fraud
Challenges in
Detecting Invoice
Fraud
• Human error is a significant challenge in
detecting invoice fraud.
• Employees may issue fraudulent invoices
accidentally, causing reputational and financial
damage.
• Companies dealing with a large number of invoices
are prone to invoice fraud.
• Implementing an automated invoice system or
regular auditing can help detect irregularities.
6. Benefits of Using IDP
in Invoice Fraud
Detection
• IDP saves time and reduces human error in invoice
processing.
• Validates invoice data accurately and detects anomalies.
1- Automated Data Extraction and Analysis
• IDP helps proactively mitigate risks associated
with fraudulent invoices.
• Clear policies and protocols for addressing
flagged invoices enhance overall security.
2 - Flagging Suspicious Invoices
• IDP compares invoice data with purchase orders,
reducing fraud risk.
• Flags disparities or anomalies for quick resolution
and prevention.
3 - Streamlining Review and Approval Processes
• IDP software identifies irregularities that may go
unnoticed by humans.
• Delivers greater accuracy and consistency in invoice
processing.
4 - Reducing Human Error and Bias
7. THANK YOU
To know more, visit:
https://www.infrrd.ai/solutions/invoice-
processing