Is Invoice Fraud Silently Draining Your Profits? Continia Can Alert You.
According to Flagright, the average cost of an invoice fraud incident for a U.S. company is around $133,000 per occurrence, with many businesses experiencing multiple attempts each year.
Invoice fraud is a silent thief, lurking within your everyday transactions. Businesses lose significant sums to fraudulent invoices, often unaware until the damage is done. Are you confident your current system would actually notify you if something was wrong with an incoming invoice before it's paid?
The Pain Points Are Real
Financial Bleeding: The most obvious pain? Money down the drain. Every fraudulent invoice paid is a direct hit to your hard-earned revenue. Imagine unknowingly paying for goods or services never rendered, or to a scammer posing as your legitimate supplier. That's real cash lost – money that should be fueling your business, not lining a fraudster's pockets.
Time Wasted: Discovering fraud after payment is a nightmare. Your team is suddenly thrown into crisis mode: investigating suspicious transactions, contacting banks, and trying to claw back lost funds. This is time ripped away from core business activities – time that could be spent on growth, not damage control. Manual checks are slow and prone to error – leaving you vulnerable.
Eroding Trust & Reputation: Significant fraud incidents can damage your relationships. Suppliers might question your operational integrity. Internally, trust can erode within your finance team if mistakes are made. Nobody wants to be known as the company that got scammed.
Continia: Your Early Warning System
But what if you could be alerted instantly if an invoice looks suspicious? That’s the power of Continia. It’s not just about streamlining invoice processing; it’s about proactive fraud prevention. Continia's intelligent system actively monitors incoming invoices and immediately notifies you if something is wrong.
Think about these scenarios Continia can flag, sending you crucial notifications:
Sudden Changes in Bank Details: Is a supplier's bank account information drastically different on an invoice? Continia can alert you to this red flag, potentially stopping bank account switching fraud in its tracks.
Duplicate Invoices Slipping Through: Accidentally paying the same invoice twice? Continia can identify potential duplicates and notify you before you authorize payment, preventing overpayments and reconciliation headaches.
Unusual Invoice Amounts or Patterns: Does an invoice amount drastically deviate from typical invoices from a specific supplier? Continia can flag these anomalies, prompting you to investigate potentially inflated or fraudulent charges.
Continia prevents invoice fraud by securing Accounts Payable. Intelligent OCR and verification check invoice details against vendor records, flagging discrepancies like changed bank accounts or missing VAT. Multi-approver workflows and a secure archive further enhance security, catching fraudulent invoices early.
Don't wait for invoice fraud to hit your bottom line before taking action. Continia's notification system provides a vital layer of defense, giving you the early warnings you need to avoid costly mistakes and protect your business.
What Next?
Onpoint partners with Continia, offering exclusive access to integrated financial automation solutions for Microsoft Dynamics 365 Business Central. We provide seamless implementation and support, optimizing financial processes. This partnership ensures seamless integration, time and cost savings, enhanced accuracy, expert support, and scalability.
Book a consultation today to transform your finances.
תגובות