Basware, a global leader in AP automation and invoice processing, has introduced AP Protect, an AI-powered solution that empowers finance teams to protect their organisations from the threat of profit loss, invoice errors and fraud.
In 2023, Basware identified 10,800 incorrect payments made by companies for supplier invoices due to duplicate payments and fraud. This recovered the value of US$191m from a spend of US$245bn. On average, this prevented up to US$1m in losses for US$1bn spent by a company.
CFOs are under immense pressure to protect their profits from invoice fraud and erroneous payments. Over 70 per cent of businesses fall victim to invoice or payment fraud each year, with accounts payable (AP) teams the most targeted. Moreover, 58 per cent are compromised annually through vendor impersonation scams alone, increasing the complexities of managing financial integrity.
