In a bid to address the escalating threat of fraud in today’s business landscape, Medius, a provider of AP automation and spend management solutions, has unveiled its latest innovation – the Medius Fraud & Risk Detection product.
This cutting-edge solution is aimed at empowering businesses to proactively combat fraud, enhance their visibility, and exercise greater control throughout the invoice-to-payment process.
The newly introduced product expands upon the existing risk and compliance controls integrated into the comprehensive Medius Suite, promising a multifaceted approach to risk management.
Recent research findings underscore the urgency of Medius’s latest offering, as a study conducted by Cybersecurity Research has revealed a worrisome surge in fraud risk. Over the past 12 months, more than half of organisations surveyed reported an uptick in fraud attempts. Alarmingly, finance teams emerged as the primary target, with nearly 60% of respondents acknowledging that they frequently fall victim to fraud and phishing attacks.
Medius Fraud & Risk Detection aims to deliver substantial benefits to finance teams by streamlining risk management and governance within businesses. Leveraging the latest advancements in Artificial Intelligence (AI) and Machine Learning (ML), this product diligently monitors the invoice-to-payment process, swiftly alerting the appropriate personnel to take immediate action. Moreover, the solution boasts real-time analytics capabilities, providing teams with invaluable insights into potential threats and enabling proactive measures to prevent issues before they materialize.
To fortify Accounts Payable (AP) teams against both internal and external threats, Medius Fraud & Risk Detection employs AI-driven anomaly detection and risk assessment across the entire invoice lifecycle.
Online alerts serve as a transparent means for users to identify suspicious activities, including fake invoices, duplicate payments, and more sophisticated fraud schemes. This feature empowers organisations to promptly mitigate potential risks, ensuring adherence to internal policies while streamlining their processes into a unified workflow.
One of the standout features of this application is the Medius Fire Station Dashboard, which offers enhanced insights and visibility. It serves as an early warning system for finance leaders, promptly alerting them to potential risks within the AP process. This allows leaders to delve into specific risk types and profiles, facilitating continuous improvements in AP and payment process security.
Crucially, the Medius Fraud & Risk Detection product is engineered to thwart fraud and other risks, such as duplicate payments, before they can inflict harm. By doing so, it shields businesses from the costly and arduous task of attempting to recover stolen funds. Notably, in the US, the average business loses approximately $300,000 to fraud each year.
Medius product EVP Daniel Ball said: “Over-burdened finance leaders need visibility across the invoice to pay process, and to feel confident in their ability to find and mitigate fraud within their businesses. Medius Fraud & Risk Detection helps businesses proactively manage the risk so they can prevent issues.
“This is so important for business leaders who are operating in challenging economic conditions, and who simply can’t afford the added and preventable costs of fraud.”
