How much invoice fraud have you been able to detect and prevent?
Using Medius’s revolutionary AI that underpins its autonomous AP, gain greater visibility and control across the entire invoice to pay lifecycle.
See how Medius invoice Fraud & Risk Detection creates control and visibility to stop fraud in its tracks.
Mind the gap.
Medius’ invoice anomaly detection helps you fill gaps in your existing fraud process
giving you more consistency for every single invoice.
Detect fraud earlier.
Don’t wait for an annual audit; with Medius you can detect fraud the moment the invoice is submitted.
No IT project required.
Medius is a complete solution with managed connectors for all major ERP platforms.
Start detecting accounts payable fraud today.
Did your supplier change banks or are you getting robbed?
When you spend all your time processing invoices, it’s hard to flag every issue for review. But what if there was a way to detect anomalies and catch fraud earlier in the AP process, and give controllers full visibility into the impact fraud is having across their cashflow?
Watch this co-hosted webinar with SSON and Medius to learn how you can de‑risk your spend and gain visibility and control across the invoice to pay lifecycle.
Core features of Medius Fraud & Risk Detection.
Keep eyes where they’re needed: on every invoice.
Medius’s AI-powered matching helps you make sure all invoice details align with a single source of truth, while options for segregation of duties and a 4-eyes principal help keep everyone to task on verifying information before any payment is made.
Put a spotlight on potential problems, before they’re an issue.
AI-detected, easy-to-spot risk factor icons help you find and mediate any potentially risky invoices in your inbox, with a concise summary of why they’ve been flagged and recommended actions to take. Handled risks are also visible for tracking through to the end of the invoice’s lifecycle.
Keep approvers on task with extra security measures.
Enabling an extra layer of scrutiny on invoice approvals – like step-up authentication, which requires a two-factor authentication for payments – can make sure that no payment is remitted until the invoice and supplier have been fully vetted and checked for fraud and risk.
Assess and measure your fraud prevention efforts.
In Fire Station, a single central hub for tracking fraud and risk, you can see all outstanding and handled risk factors across your transactions, helping you identify trends or anomalies and measure the success of your fraud prevention efforts.
Combatting invoice fraud and mitigating risk with advanced detection software.
Invoice fraud is a major threat to businesses, leading to significant financial losses and reputational damage. For accounts payable teams, preventing invoice fraud is crucial to maintaining accurate financial records and secure transactions. Invoice fraud detection software utilizes advanced technologies like AI and machine learning to identify and prevent fraudulent activities in the invoicing process, offering a proactive approach to fraud prevention.
This software enhances accounts payable operations by analyzing patterns, detecting anomalies, and ensuring only legitimate invoices are processed and paid. By incorporating invoice fraud detection software, businesses can reduce their risk exposure and improve the efficiency and security of their accounts payable processes.
Why Medius Fraud & Risk Detection software?
Medius’s Financial Census found that fraud costs U.S. businesses an average of $133K annually. Medius Fraud & Risk Detection is here to help you catch fraud earlier and reduce your risk exposure.
Act fast.
Medius’ inline alerts give AP managers the information they need to act immediately.
Understand the unknown.
Gain visibility into your fraud and risk exposure with new insights.
Infinitely checked.
Relax and let machine learning and AI controls ensure your policies are being enforced.
Flip a switch.
Get going faster with a solution that integrates with Medius AP & Medius Pay.
Real-world success:
Karl Lagerfeld case study
The team at Karl Lagerfeld has been able to spend less time chasing down approvals, resulting in faster invoice payments. Medius has helped verify invoices and reduce errors, ensuring a consistent and efficient process throughout the company. This has not only saved them time and money but also bolstered their overall risk reduction efforts.
Discover more about how Medius transformed Karl Lagerfeld's accounts payable processes and learn how you can achieve similar results.
Common invoice anomalies and fraud detected.
Invoice fraud and anomalies are significant threats to businesses, leading to financial losses and reputational damage. Our invoice fraud and risk detection software helps identify and mitigate these issues effectively. Here are some common types of invoice anomalies and fraud that the software can detect:
Duplicate invoices
Identifies when the same invoice is submitted more than once to prevent overpayment.
Vendor fraud
Detects false invoices or inflated costs submitted by suppliers.
Incorrect invoice amounts
Checks invoice amounts against purchase orders and contracts to ensure accuracy.
Unapproved suppliers
Flags invoices from unapproved or unknown suppliers for further review.
Invoice date manipulation
Spots unusual date patterns that may indicate fraud.
Learn more about the different types of invoice fraud and anomalies by visiting our Invoice Fraud Guide to Prevention and Detection.
Get smart about fraud with AI-backed technology.
Medius Fraud & Risk Protection adds the ultimate protective barrier against fraud and risk for your organization’s finances. This enhanced protection against fraud fights fraud with the benefit of AI-backed technology, so you can trust that only real invoices are being paid to the correct suppliers, and that your company’s hard-earned profits are safeguarded against bad actors and potential threats. Read our product quick guide to learn more.
Why invoice fraud and risk detection software?
Implementing invoice fraud and risk detection software offers numerous advantages that significantly enhance the security and efficiency of your accounts payable processes. By leveraging advanced AI and machine learning technologies, this software provides robust fraud prevention and ensures your financial transactions are accurate and secure.
Benefits of Medius Fraud and Risk Detection in combating accounts payable fraud.
Enhanced security
Protect your business from fraudulent activities with cutting-edge fraud detection algorithms that monitor and analyze invoice data in real-time.
Improved accuracy
Reduce errors in invoice processing by automating data capture and validation, ensuring only legitimate invoices are approved for payment.
Cost savings
Minimize financial losses due to fraud and errors, and save time by reducing manual checks and reviews in your accounts payable processes.
Regulatory compliance
Stay compliant with industry regulations and standards, with detailed audit trails and reporting features.
Scalability
Easily handle increasing volumes of transactions without compromising on fraud detection accuracy or processing efficiency.
Medius Invoice Fraud and Risk Detection Software is a crucial tool for accounts payable teams, offering comprehensive fraud prevention capabilities to safeguard your organization's finances.
Resources to get you started.
Learn more about Medius Fraud & Risk Detection in our press release.
How does your organization’s fraud challenge compare to your peers?
Messy paper trails, deepfake technologies, and manual processes make invoice fraud easy. Organized crime is becoming more professional, and along with a few rogue individuals, is thriving on disorganized invoice processes.
The 2024 Financial Census reveals key challenges of finance teams, including rising fraud, growing deepfake scams, issues of internal fraud, fear of retaliation for whistleblowing, and the retention of talent.
Fraud & Risk Detection FAQs
Fraud protection software is a technology solution designed to identify, prevent, and mitigate fraudulent activities within an organization. It leverages advanced algorithms, artificial intelligence (AI), and machine learning to monitor transactions, analyze patterns, and detect anomalies that may indicate fraudulent behavior. This software is crucial for businesses to safeguard their financial transactions, maintain data integrity, and ensure compliance with regulatory standards. By automating the detection and prevention processes, fraud protection software helps reduce the risk of financial losses, enhance security, and improve overall operational efficiency.
AI improves fraud detection by using advanced algorithms and machine learning to analyze large volumes of data in real-time. It can identify patterns and anomalies that may indicate fraudulent activity more accurately than traditional methods. AI continuously learns from new data, improving its detection capabilities over time. This allows for faster identification of potential fraud, reducing the risk of financial losses and enabling quicker response times. Additionally, AI can automate routine tasks, freeing up human resources to focus on more complex investigations and strategic decision-making.
Fraud detection is crucial in accounts payable because it helps prevent financial losses, maintains the integrity of financial records, and safeguards the organization’s assets. Accounts payable fraud can lead to significant monetary losses and damage the company's reputation. Effective fraud detection ensures that only legitimate invoices are processed and paid, reducing the risk of duplicate payments, unauthorized transactions, and financial discrepancies. By implementing robust fraud detection measures, businesses can enhance their financial security, ensure regulatory compliance, and maintain trust with suppliers and stakeholders.
Red flags for invoice fraud include mismatched purchase order numbers, unexpected changes in supplier information, duplicate invoice numbers, and unusual payment terms. Other signs are invoices from unfamiliar suppliers, vague descriptions of goods or services, and discrepancies in amounts. Lack of proper authorization or approvals outside standard procedures can also indicate fraud.
Medius detects invoice fraud by leveraging advanced AI and machine learning technologies to analyze invoice data for anomalies and suspicious patterns. The software performs risk detection by continuously monitoring for red flags such as duplicate invoices, mismatched payment details, and unusual changes in supplier information. Real-time alerts and automated risk scoring help accounts payable teams promptly identify and address potential fraud, ensuring the accuracy and security of financial transactions.
Medius Fraud Detection Software can identify various anomalies through its advanced risk detection capabilities. These include duplicate invoices, discrepancies in payment amounts, changes in supplier information, and mismatched invoice details. The software also flags unusual transaction patterns and detects deviations from established spending behaviors, ensuring comprehensive protection against fraudulent activities and errors in the accounts payable process.
Medius ensures data security in fraud detection by employing advanced encryption methods and secure data transfer protocols to protect sensitive information. The platform also uses multi-factor authentication and access controls to prevent unauthorized access. Regular security audits and compliance with industry standards further enhance the protection of data, ensuring that all transactions and sensitive information remain secure throughout the fraud detection process.
Medius Fraud and Risk Detection requires Medius Accounts Payable Automation. Medius links invoice capture, processing, and payment to reimagine the AP process. Fraud and Risk Detection uses the data captured through the AP process and applies Medius’ advanced AI and machine learning to provide new insights and detect anomalies.
Medius allows you to gradually implement best practices as appropriate for your organization. For example, you may turn on the “Four eyes” double approver requirement or disable it depending on your organization’s needs.
The main difference is that Fraud and Risk Detection provides you with an end-to-end process starting at detection and following through to insights into the fraud amount, types, and actions taken so you can better understand how your organization’s fraud prevention process is performing. Medius AP Automation does flag some basic anomalies, such as suspected duplicate invoices and changes in payment address.