Assuming fraud won’t happen to your company is a costly mistake. Fraud can erode your margins, drain your bottom line, and, perhaps most damaging of all, put your reputation as a trusted leader at risk.
Overseeing a process vulnerable to fraud can make you appear complacent, undermining your credibility and the confidence your team, peers, and stakeholders have in your ability to safeguard the organization.
That’s why a well-constructed plan for finance controls must include the ability to automatically detect fraudulent invoices.
This week highlighted two starkly different outcomes in financial controls: one where fraud slipped through the cracks, and another where proactive measures stopped it in its tracks. Even companies with sophisticated systems can fall victim to fraud if they’re not actively prepared to detect it. The Department of Defense, for example, was defrauded, while OpenEnvoy showcased how robust, automated controls make all the difference:
- Fraud at Boeing
This week, it was revealed that Boeing marked up prices on Air Force parts, including soap dispensers, to astronomical levels, billing the Pentagon excessively. This isn’t just a financial oversight—it highlights how unchecked processes can lead to millions in taxpayer dollars being wasted. Fraudulent billing in AP isn’t always obvious; sometimes it’s hidden in inflated costs or subtle misrepresentations. - Fraud AVERTED at OpenEnvoy
On a more personal note, OpenEnvoy’s CEO shared just yesterday how our own product caught fraud in real-time. What sets OpenEnvoy apart is the ability to detect and stop these instances before they cause harm.
Fraud thrives in organizations that rely on manual processes or outdated controls. The solution lies in automation powered by AI, which can spot anomalies, flag duplicate invoices, and eliminate cash leakage before it happens.
Don’t leave your AP process to chance. Protect your business with tools designed to catch fraud before it catches you. Learn more about how OpenEnvoy safeguards businesses like yours, delivering peace of mind with every transaction.
