How AI is changing the fight against invoice fraud
In just a few short years, AI has gone from niche to ubiquitous. A recent survey from McKinsey & Company found that 88% of organizations are using AI in at least one business function, up from 55% in 2023.
Finance teams, in particular, have seen significant gains from AI, including greater productivity, faster decision-making, and the ability to scale processes without adding manual work or more headcount. Yet the same technology that drives these benefits is also making it easier for fraudsters to exploit weaknesses in accounts payable processes.
AI-powered invoice fraud tactics are evolving quickly, and traditional controls and manual review processes can’t keep up. But while AI is fueling the uptick in invoice fraud, it’s also becoming one of the most powerful ways to defend against it.
Invoice fraud is evolving fast
Four in 10 organizations have experienced invoicefraud or overpayment in the last 12 months. While...
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