We are increasingly told to look out for people who are trying to con us into giving them money through various nefarious methods.
But fraudsters don’t operate only in the private sphere. They are finding rich pickings from organizational fraud too, and it is on the rise. According to Lloyds Bank, UK invoice fraud was up 58% in 2018 compared to the previous year.
Paper-based processes, in particular, create an environment conductive to successful fraud. Twenty-two percent of all documents in a paper environment end up lost or misfiled, according to the Association for Image and Information. Inefficient manual screening means that honest mistakes can also enter the system.
So how can your organization protect itself from becoming the victim of fraud?
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