Yooz leverages Artificial Intelligence to help UK businesses tackle invoice fraud

Yooz leverages Artificial Intelligence to help UK businesses tackle invoice fraud
17.04.2019 01:02 pm

Yooz leverages Artificial Intelligence to help UK businesses tackle invoice fraud

Artificial Intelligence , Fraud Detection

Yooz, an international provider of intelligent P2P software in the Cloud, today announced the launch of YoozProtect, a new functionality to assist in the automatic detection of fraudulent and forged documents and enhance regulation compliance for UK businesses.

Several large-scale cases have recently highlighted the fraud issue, costing businesses such as Google, FacebookDell 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 Patisserie Valerie and several London Art Galleries demonstrates the wider vulnerability in this area.

In the UK alone, invoice fraud cost businesses as much as £93 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 etc.).
  • 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

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.


Related News

Third of Companies adopt AI in Past Year

More than a third of companies have adopted some form of AI in the past year, according to an MHR Analytics poll.

The poll revealed 38 per cent of companies have made... Read more »

With the Largest Offering of AI-Powered Training Models, Digital Reasoning and Corlytics Lead Market in Regulatory Mapping Capabilities

Digital Reasoning, a leader in Artificial Intelligence (AI) that understands human intentions and behaviors, and Corlytics, the world leader in calculating and analyzing... Read more »

AXA and Fremtind discuss how AI and analytics is changing insurance claims forever

To win the customer’s heart, insurers cannot afford to lag behind on customer-focused innovation. Throughout the claims journey they must deliver interactive, personalised... Read more »

Agorai Recognized for “Corporate Innovation in AI” at the AIconics Awards during London Tech Week

Agorai, a global platform which provides the turnkey software solutions and data needed for any company to join the AI economy, has been recognized for “Corporate Innovation in... Read more »

Tinkoff launches Oleg, the world’s first voice assistant for financial and lifestyle tasks

Tinkoff introduces Оleg, the world’s first voice assistant created in Russia for finance and... Read more »

FIS Research Reveals: Regulation is the Biggest Barrier to Digital Innovation for UK Financial Institutions

New research released today by financial services technology leader FIS™ (NYSE: FIS) reveals that the greatest barrier to UK financial institutions developing digital products... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel