Yooz, a London, UK-based international provider of intelligent peer-to-peer (P2P) software in the Cloud, has launched YoozProtect, a new functionality to assist in the automatic detection of fraudulent and forged documents and enhance regulation compliance for businesses.
Several large-scale cases have recently highlighted the fraud issue, costing businesses such as Google, Facebook, Dell and Microsoft millions of pounds in fake invoices .
But invoice fraud doesn’t just affect big players. It can have a crucial impact on businesses of all size. The multiplication of invoice fraud cases such as the British chain Patisserie Valerie or several London Art Galleries demonstrates the wider vulnerability in this area.
In the UK alone, invoice fraud cost businesses as much as £93 million (€108 million) in 2018 according to a UK Finance report. The digital era has offered new ways for culprits to prepare and conduct fraudulent operations, meaning finance departments of companies need to be much more vigilant. That is why Yooz has launched a new functionality to its solution based on Machine Learning and Artificial Intelligence that can prevent fraud easily and more efficiently than human-based processes.
Fraud fight and data protection: a major challenge for CFOs in the digital context
With digital transformation, CFOs have become not only financial gatekeepers, but also data protectors. CFOs are at the front line of fighting fraud risks which can arise in many different ways and situations. In this context, meeting their companies’ regulatory and safety challenges is becoming one of their highest priorities. For most CFOs, preventing fraud involves implementing mainly behavioural and procedural solutions, such as increasing employee awareness, reinforcing controls, or audits.
Although necessary, these approaches have their limitations, as fraudsters often come from inside the company or among its close associates, and therefore know perfectly how to manipulate victims and thwart human vigilance. Furthermore, the weight of controls may become counterproductive and reduce agility. This is where Artificial Intelligence with Yooz can significantly improve protection and compliance without the need and the risks of manual processes.
How Yooz is leveraging AI to allow companies to comply and fight fraud easily and efficiently
Yooz, recognised for the power of its Artificial Intelligence technologies applied to purchase-to-pay automation through capture, recognition and verification of documents, is now offering YoozProtect – a solution that secures financial processes and data and acts as a true compliance facilitator across three fields of action:
Fraud prevention and detection:
- Duplicate invoices detection.
- Automatic detection of inconsistent and potentially forged data (bank reference, amount, date…).
- Detection of unusual data and amounts based on historical data.
- Recording of all changes allowing the identification of the fraudsters and his actions.
- Automatic alerts in case of changes in supplier bank details.
Legal Archiving
- Computation and storage of a unique checksum signature for each document to proof the original.
- Electronic archiving of documents compliant with ISO 14641 standard for the preservation of electronic documents.
- Timestamp of documents with a certified electronic signature.
Secure audit trail:
- Export of workflow rules to automatically document internal processes and controls and archiving of the original document file.
- Export of the invoice history.
- Archiving and consulting of the original file.
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