Covid-19 Impact on Banks, And fixes. The Black Swan Opportunity

Download Now

The Black Swan Opportunity | Get your bank digital ready.

IBSI Special 5 Digital Report Package with Special Offer. Subscribe now

IBS Journal: The iconic monthly FinTech magazine

May 2020 issue out now! Subscribe now

India FinTech Report 2020

Insights into the historical and projected market size of key FinTech categories. Subscribe now

AI and automation can slash invoice fraud, claims expert

Neil Robertson, CEO of Compleat

Small businesses can use AI and automation to drastically reduce the invoice fraud that is costing them a fortune annually, a software industry veteran has claimed. “Fraud is exceptionally damaging to British businesses and by extension, the economy,” said Neil Robertson, CEO of Compleat. “We know that invoice fraud alone is costing SMEs billions. According to Barclays, half of SMEs in the country have been targeted and tens of thousands of people have been laid off to cover the costs inflicted by fraudsters.”
He pointed to a report by the Tungsten Network which revealed that invoice fraud is costing the average UK SME £1,658 per year and that 54% of businesses see it as the biggest threat they face.
Some of the fraud tactics used, such as impersonating suppliers and sending fake invoices, can be simple, he said, but have a devastating impact: “This is the right time to embrace automation,” added Robertson. “By doing so growing businesses and accounting practices can concentrate on activities that create value and be at ease knowing that their accounts are protected from malicious activities.”
He said his company’s iCompleatInvoice product, a self-service purchase invoice automation platform, removes the risk of fraud associated with manual paper-based processes – such as fraudsters impersonating suppliers – via the its secure supplier network. Supplier details are automatically validated to payee and bank detail levels to ensure veracity. Management can view, approve or deny invoices from any connected device, removing the need for manual handling of invoices.
He said AI solutions like iCompleatInvoice have the power to reduce invoice fraud by 90% among British businesses, equating to a potential £8bn a year.

Related IBS Intelligence Research

Related Posts