Best Defense Against AP Crime: 6 Proven Measures Webinar

Our recent webinar, Best Defense Against AP Crime: 6 Proven Measures, hosted by Sarah Fane, Head of Content at sharedserviceslink, and featuring Tom Santacroce, Global VP AP Assurance at Basware, delved into the escalating issue of increasing accounts payable (AP) crime and fraud – and how you can protect your business.

As both the prevalence and sophistication of AP fraud attacks rise at an alarming rate, it's more important than ever to stay five steps ahead of fraudsters. The webinar raised awareness of the various types of fraud, contributing factors to the increase, and strategies to effectively combat it.

Key statistics and Survey Insights: Is AP Fraud Worsening?

Our recent survey of 100 global business leaders and CFOs, completed in collaboration with sharedserviceslink, highlighted that many businesses are struggling to keep pace with fraudsters – with many lacking the tools to protect themselves against AP crime.

• 68% of respondents experienced at least one fraud attempt in 2024.
• 52% reported that fraud attempts had worsened in the past year.
• 62% said generative AI is a key contributing factor to rising AP fraud, while 28% blamed a lack of AP automation or legacy tools.
• Only 31% of respondents were using automated fraud detection tools.

What Does AP Fraud Look Like?

Recognizing and effectively mitigating AP fraud is essential to safeguarding your company's financial health. By understanding these four main forms of AP fraud, businesses can elevate their awareness and strengthen their defenses.

• Internal Fraud: Managed entirely from within the organization, for example embezzlement, falsifying expense reports or manipulating records. These activities can be particularly challenging to detect without robust internal controls. 
• External Fraud: Orchestrated by outside parties, often involving multiple actors. This type of fraud often involves sophisticated schemes designed to exploit vulnerabilities in your company's processes. 
• Collaborative Fraud: Involves collusion between internal and external parties. This collaboration can lead to kickbacks, duplicate payments, and the creation of falsified invoices, making it a particularly insidious form of fraud. 
• Non-Malicious Fraud: A result of manual errors and high transaction volumes, leading to overpayments and other issues.

How to Combat AP Fraud

In the fight against AP fraud, businesses must adopt a proactive and multifaceted approach. The webinar highlights six proven measures that organizations can implement to effectively defend against AP crime.

1. Embrace automation: Eliminate process gaps and reduce manual errors by striving for straight-through invoice processing.
2. Adopt AI-powered detection tools: Utilize advanced technology to identify and stop fraudulent activities.
3. Establish cross-functional fraud prevention teams: Leverage diverse expertise to tackle fraud from multiple angles.
4. Prioritize vigilance and continuous education: Stay ahead of evolving threats through ongoing training and awareness.
5. Seek external help and consulting: Gain specialized insights and support from experts.
6. Ensure data quality and thorough vetting of new vendors: Minimize risks by maintaining accurate data and completing due diligence checks with new vendors.

Watch the Webinar

Equip yourself with the knowledge and tools needed to protect your organization from AP fraud. Watch the recorded webinar, "Best Defense Against AP Crime: 6 Proven Measures," and take the first step towards a more secure and resilient AP process.