Preventing fraud in accounts payable payments is crucial for any organization. Not only does it protect the company’s finances, but it also helps maintain the integrity of the organization’s reputation. Without proactive fraud prevention, actions by unknown or bad actors can cause legal repercussions. Fraud in accounts payable can take many forms, from invoicing scams to check and wire transfer fraud.
Here, we outline types of fraud that can occur in accounts payable, case studies involving the most common types of AP fraud, common red flags for fraud, the best practices, and technology solutions for preventing AP fraud. Ultimately, we close by describing which technology solutions are best to address AP payments fraud and how to make sure your chosen vendor has the right tools to help.
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