Invoicing is essential for cash flow but is also a prime target for fraud. Fake invoices, duplicate payments, and phishing attacks can lead to massive financial losses.
💰 The Cost of Invoicing Fraud:
🇺🇸 U.S.: $133,000 lost per business annually (Medius Financial Census)
🇦🇺 Australia: $240,000 lost per business annually (by Censuswide)
🌏 Malaysia & SE Asia: $12.8 billion lost to scams in 2024 (Global Anti-Scam Alliance)
🕵️♂️ Common Types of Invoice Fraud
🔹 Fake Invoices – Fraudulent payment requests using real company details.
🔹 Duplicate Payments – Overpaying due to multiple submissions.
🔹 Phishing Attacks – Scammers impersonating suppliers or executives.
💡 AP Flow & Medius stops these threats before they impact your bottom line.
CLICK ON THE VIDEO BELOW TO GET MORE INFO ON HOW YOU CAN USE MEDIUS FOR YOUR FRAUD & RISK MANAGEMENT
🛡️ Why Medius Fraud & Risk Detection Software?
Medius helps reduce this risk with features that enable real-time fraud detection and prevention:
✅ AI-Driven Detection – Identifies anomalies in real-time.
✅ Automated Verification – Cross-checks invoices with contracts.
✅ Instant Alerts – Flags suspicious activity before payments are made.
✅ Vendor Authentication – Ensures payments go to legitimate suppliers.
✅ Seamless Integration – Works with Medius AP & Medius Pay.
Click on the link below to read up on a Case Study:
AP Automation Success Story – Medius fashions an AP Automation tool for Karl Lagerfeld {PDF)
🏦 Leveraging Technology for Fraud Prevention
Medius uses advanced technologies to protect your business:
🔹 AI-Powered Fraud Prevention – Stops fraud before it happens.
🔹 Automated Processing – Reduces errors and manual workload.
🔹 Secure Vendor Management – Prevents supplier fraud.
🔹 Compliance & Audit Readiness – Keeps businesses protected.
📚 Employee Training and Awareness
Employees are key to fraud prevention. AP Flow & Medius offers training tools to help them recognise and respond to threats:
📌 Fraud Awareness Training – Educates teams on scam tactics.
📌 Reporting Mechanisms – Enables quick response to threats.
📌 Regular Updates – Keeps businesses ahead of emerging risks.
