Controlling accounts payable fraud requires elimination – not mere mitigation or prevention. Simple email screening tools are no match for accounts payable schemes inside your company and those external attacks that rely upon advanced false billing schemes.
The accounts payable false billing fraud industry is a big business. The challenge comes down to this: accounts payable processing has basically remained unchanged for almost 500 years, but technology has not. To change the outcome (and thereby eliminate both internal and external accounts payable fraud and embezzlement from happening), you must adopt both technology and process solutions that are insoluble for exploitation. Email invoice phishing defense software only stops the email. Processing that doesn’t include multiple checks and balances leaves both small businesses and big corporations squarely in the basket of current and future victims. By the time you are done reading this page, the average loss to American businesses will have exceeded thousands of dollars.
iCREDIT interrupts the velocity of fraud and embezzlement by changing the fundamental structure of payments, the way vendors get paid, the access and custody of funds, and creates a huge win-win for the business and the vendors that has the practical result of protecting the business at a net zero cost. Find out more by contacting our firm today for a confidential risk assessment consultation.