Rillion Offers Tools to Combat Accounts Payable Fraud

Accounts Payable Fraud Remains a Significant Concern

According to the 2024 PwC Global Economic Crime Survey, 41% of organizations have experienced fraud, specifically procurement fraud, in the past 24 months. This figure highlights the growing need for companies to enhance their defenses against financial crime.

Rillion, a provider of financial process automation, stated its solutions can help companies mitigate fraud risks. The company claims its automation tools can save time and money, provide a time-stamped audit trail, reduce manual errors and missing invoices, and control rogue spending.

Key findings from PwC's survey indicate that procurement fraud is a major concern, cited by 55% of respondents, and that technology holds untapped potential for identifying such fraud. Up to 20% of companies reportedly do not use data analytics at all to detect procurement fraud. Furthermore, many organizations still struggle with performing comprehensive fraud risk assessments.

Rillion's automation approach aims to directly address fraud prevention by improving control over accounts payable processes. Automation, the company explains, offers greater visibility and real-time tracking of invoices and payments, aiding in the detection of unusual activity. Additionally, it can help ensure compliance with regulations, reduce reliance on paper documents, and enhance the security of financial data through electronic entry and validation.

The company emphasizes that automating accounts payable improves accuracy, boosts efficiency, and strengthens overall security. Rillion also offers a whitepaper titled "Top 6 Action Steps to Reduce Payments Fraud."