Reduce Fraud with Technology, Policy, and Other Tools You Have

Key points

• 62% of organizations report financial losses from fraud within the last three years.
• For a business, preventing internal and external fraud and building compliance go hand in hand.
• Updating spending policies to clearly reflect current business needs and communicating them through automated travel and expense solutions can reduce the likelihood of non-compliant spending.
• Use automated T&E technology to deter fraud, such as integrating credit card data, applying automated audit rules, requiring electronic receipts, and supporting external audit programs.
• Monitor and analyze spend data with reporting tools to spot patterns such as duplicate expenses and determine which spend categories are most susceptible to fraud.
• Benchmark compliance against industry standards, looking at factors such as the percentage of cash transactions, receipt attachment rates, excessive personal mileage, and the rate of high-risk expenses.
• The AI tool Verify checks receipts and policies within Concur Expense, allowing auditors to focus on high-risk transactions.
• The article suggests defining who at the business, from finance to HR to IT to travel, has key responsibilities in warding off and finding fraud.