It will come as no surprise to learn that financial fraud is on the rise. As we conduct more business outside of the office and operate as virtual teams, this can give rise to higher IT and data security risks that increase exposure to new (and old) types of fraud. All of these elements, combined with legacy compliance processes designed to combat financial crime - create complexity that is difficult for finance teams to manage.
Current best practice for financial fraud prevention includes regular process and compliance audits, along with automation of statement reconciliation, detection of duplicate payments, and monitoring vendor master files to guard against invoices from inactive suppliers.
Download our whitepaper below to find out how you can level up on Financial Fraud and Compliance and take the proactive measures to protect your business.