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preventing_invoice_fraud_scams_v2.pdf

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Preventing
Invoice
Fraud Scams
COGNITIVE AP AUTOMATION
Between 2013 – 2015, a Lithuanian invoice scammer, posing as an
employee of a Taiwan-based computer manufacturer, Quanta
Computer tricked Google and Facebook into paying over $100 million on
false invoices. He used a combination of phishing and invoice fraud
schemes to email fake invoices to these tech giants and get the money
until he was caught in 2019. The large volume of invoices often makes it
impossible for accounts payable teams to vet each invoice and line item
before making payments.
The most common scams target vulnerabilities
present in just about any company. From a lack of communication to
poor process controls, scammers can find any weakness and exploit it
for profit. The accounts payable process in most companies is manual,
has dense layers of approval, and contains cumbersome verification of
whether the goods were delivered. Not only that, but there is also
minimal tracking to ensure the right parties are involved in reviewing the
document before it gets approved. As a result, it gets routed from one
person to the next with little assurance that it has been validated.
invoice processing
Here are some of the common types of fraud
Duplicate invoices arise due to human
error or intentional fraud. In such cases, the payment for the
same invoice is made twice, leading to financial losses for the
organization.
Phantom vendors are fictitious vendors
created by employees or fraudsters to siphon off money from
the organization. In such cases, payments are made to these
vendors without any goods or services being provided, leading
to financial losses for the organization.
BEC is a type of phishing
scam where fraudsters send emails pretending to be a
legitimate supplier or vendor, asking for payment to be made
to a different bank account. In such cases, the payment is
made to fraudulent bank account(s), leading to financial
losses for the organization.
Anomalies in buying patterns
can indicate fraudulent activities, such as a sudden increase in
purchases from a particular vendor, or purchases made
outside of usual business hours.
Duplicate Invoices:
Phantom Vendors:
Business Email Compromise (BEC):
Anomalies in Buying Patterns:
Wake up to the reality of invoice fraud
£14,000
Average sum lost by
business who are
victims of invoice
1
fraud
£18.9m
was lost from UK firms
in 2021 through this
2
type of scam
20%
of finance
professionals are
unaware or unable to
estimate the cost of
invoice fraud to their
3
business
Zycus AI-led AP Automation Solution for Anomaly
and Fraud Detection
Zycus AI-led AP automation solution is designed to help organizations
detect and prevent fraud and anomalies in their AP processes. Some of
the key features of the solution, include:
Detecting Phantom Vendors:
Flagging Suspicious Vendor Emails:
Reducing the Risk of Phishing:
Mitigating Duplicate Invoices:
Detecting Anomaly in Buying Patterns:
1.
2.
3.
4.
5.
Zycus' AP automation solution uses
advanced analytics and machine learning (ML) algorithms to
detect phantom vendors. The solution analyzes vendor data to
identify any irregularities or anomalies, such as vendors with no
physical address or vendors with similar bank account details.
Zycus' AP automation solution
flags any suspicious vendor emails for bank details change. The
solution analyzes the email content and sender details to identify
any anomalies or irregularities, such as emails from suspicious
email addresses or emails with unusual language.
Zycus' AP automation solution
reduces the risk of the organization being subjected to fraudulent
attempts due to phishing. The solution uses advanced email
security features to identify and block phishing emails, ensuring
that payments are made only to legitimate vendors.
Zycus' AP automation solution flags
duplicate invoices based on items being invoiced, ensuring that
duplicate payments are mitigated.
Zycus' AP automation
solution uses advanced analytics and machine learning (ML)
algorithms to detect anomalies in buying patterns. The solution
analyzes purchasing data to identify any irregularities or anomalies,
such as sudden spikes in purchases from a particular vendor.
Zycus AI-led AP automation solution is built on four pillars of anomaly
and fraud detection:
Business Email Compromise:
Duplicate Invoice Detection:
Requisition Splitting:
Phantom Vendor Identification:
This pillar focuses on identifying
signature anomalies and suspicious sender emails to detect
potential phishing scams.
This pillar focuses on identifying
and flagging duplicate invoices to avoid double payments.
This pillar focuses on detecting pseudo
low-value transactional requisitions raised in quick
succession, relative to usual buying patterns, to be flagged as
fraud.
This pillar focuses on
identifying fictitious vendors created to siphon off money
from the organization.
Fraud Detective Scan List
Fraud Detective
89.99
No Risk! You Are Safe.
Fraud and Anomaly Checks
Duplicate Invoice
Email Spoofing
New Invoice
INVOICE 647-444-1234
you@email.com
yourwebsite.com
1 Your Address
City, State, Country
Zip Code
Filled to Invoice Number Invoice Total
Supplier Name
Acme Scientific
$4520.00
$4520.00
00
00
00
00
00
00
00
Client Name
1 Client Address
City, State, Country
Zip Code
Invoice Amount
USD 4520.00
Items
N95 Mask
Hand Sanitizer
Face Shield
Nitrile Gloves
Amount
USD 230.00
USD 199.00
USD 1230.00
USD 570.00
Ex. Please pay your invoice by... Amount Due (USD)
Not Duplicate Invoice
You are safe!



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