Basware sets out campaign to raise awareness of fraud and error in P2P

With 44% of organisations admitting to having been victims of fraud in the last three years according to a recent study, sharp practices such as duplicate invoices are endemic, yet rarely uncovered before it’s too late – if at all.

Another investigation under the Freedom of Information act has revealed that local councils in England made GBP22 million in duplicate invoice payments in the last 24 months.

The Basware campaign points out how easy it is to fool AP departments with seemingly-legitimate invoices that arrive in context. Once paid, losses can rarely be recovered. The would-be fraudster may be external, such as a supplier or malicious third party, but is more commonly an employee in a position of trust.

Basware is drawing attention to the practical steps organisations can take to bolster their defences and detect, deter and prevent wrongdoing inside and outside the organisation.

Its recently published white paper, “Fraud Prevention: Avoiding the F-Word in P2P” explains how to identify the ‘red flags’ of suspicious activity and the steps needed to eliminate process vulnerabilities.

For more information about Basware, please check out a detailed profile of this company in our dedicated, industry-specific online companies database.