Constant vigilance is a necessary requirement from accounts payable (AP) professionals when it comes to finding discrepancies, matching records and ensuring nothing looks out of place—often the only indicator a fraud attempt is being made.
Fraud can be difficult to detect, and new types of threats are constantly emerging.
Test your knowledge and brush up on different fraud scenarios with our latest quiz!
It appears that this quiz is not set up correctly.How You Can Protect Your AP Process from Fraud
Fraudsters exploit manual processes, urgency and slight inconsistencies to slip fraudulent invoices and payment requests past busy finance teams. Even worse, AP professionals are already swamped handling the day-to-day of accounts payable, with tight deadlines for detailed work, making errors and fraudulent activity harder to spot. With Charted automating key controls to catch these issues before they turn into financial losses, systems are more secure and employees have greater bandwidth to catch irregularities by automating repetitive work.
- Invoice AI duplicate detection automatically flags invoices with matching details, helping prevent duplicate payments and fraudulent resubmissions.
- 3-Way Matching aligns invoices with purchase orders and receipts before approval, reducing the risk of paying for goods or services that were never received.
- Approval Automation creates workflows for invoices, bill payments and payment method changes to ensure no unexpected vendor updates or large payments go through without proper oversight.
- Payment Automation ensures funds are only sent to verified (using two-factor authentication) vendors on file, preventing fraudsters from diverting payments to unauthorized accounts.
With Charted AP Automation, you gain fraud-resistant workflows that reduce human error, minimize risk, and ensure payments are secure.
Want to learn more about preventing fraud in your AP organization? Download our fraud eBook for more information here:
