We need to ask the hard questions about accounts payable frauds:
How many fake invoices does your company process through your payables?
How many of those false bills actually get paid?
What kind of accounts payable fraud detection system do you have in place to prevent this kind of thing from EVER happening?
And, where would you even begin to look?
You would naturally assume NONE to the first question and be horrified if one actually got paid. Right?
Well, that’s what happened to Delta and Northwest Airlines from 2004 to 2013 to the tune of $22 Million in fraudulent invoices and subsequent payments. This airliner went through 10 years of having fake invoices processed, approved, and paid. And, in that time, no one in the company was the wiser. Scary, isn’t it?
Payables that slip through the cracks cost companies thousands every year. Whether it’s fake, fraud, lost opportunities, or over payments, having a payables process or system that catches these items makes a LOT of sense and pays for itself in no time.
Protect your company with an accounts payable fraud detection solution that mitigates your risk and improves your AP workflow. Request a BeanworksAP demo today!