FEATURE
the average attack has occurred on
Windows 7, 8 and 10. This means that
analysing device intelligence can help
detect fraudulent sub-populations.
Rules and policies are also vital.
Security leaders need to ensure that all
local laws and regulations are accounted
for when creating automated processes
with their security tools – but it shouldn’t
end there. Because there is no one-
size-fits-all approach when it comes to
running a secure business, it’s essential
that these policies are tailored to meet
the organisation’s specific needs. u
Yooz leverages Artificial Intelligence to help
UK businesses tackle invoice fraud
ooz, an international
provider of intelligent P2P
software in the cloud, has
announced the launch of
YoozProtect, a new functionality to assist
in the automatic detection of fraudulent
and forged documents and enhance
regulation compliance for UK businesses.
Y
Several large-scale cases have
highlighted the fraud issue, costing
businesses millions of pounds in fake
invoices. But invoice fraud doesn’t
just affect big players. It can have a
crucial impact on businesses of all
size. In the UK alone, invoice fraud cost
businesses as much as £93 million in
2018 according to a UK Finance report.
The digital era has offered new ways
for culprits to prepare and conduct
fraudulent operations, meaning finance
departments of companies need to be
much more vigilant. That is why Yooz
has launched a new functionality to its
solution based on Machine Learning
and Artificial Intelligence that can
prevent fraud easily and more efficiently
than human-based processes.
Fraud fight and data protection:
A major challenge for CFOs in
the digital context
With Digital Transformation, CFOs have
become not only financial gatekeepers
50
but also data protectors. CFOs are
at the front line of fighting fraud risks
which can arise in many different ways
and situations. In this context, meeting
their companies’ regulatory and safety
challenges is becoming one of their
highest priorities. For most CFOs,
preventing fraud involves implementing
mainly behavioural and procedural
solutions, such as increasing employee
awareness, reinforcing controls or audits.
Although necessary, these approaches
have their limitations, as fraudsters often
come from inside the company or among
its close associates and therefore know
perfectly how to manipulate victims and
thwart human vigilance. Furthermore,
the weight of controls may become
counterproductive and reduce agility.
This is where Artificial Intelligence with
Yooz can significantly improve protection
and compliance without the need and
the risks of manual processes.
How Yooz is leveraging AI to
allow companies to comply and
fight fraud easily and efficiently
Yooz, recognised for the power of its
Artificial Intelligence technologies applied
to purchase-to-pay automation through
capture, recognition and verification of
documents, is now offering YoozProtect –
a solution that secures financial processes
and data and acts as a true compliance
facilitator across three fields of action:
Fraud prevention and detection:
• Duplicate invoices detection
• Automatic detection of inconsistent
and potentially forged data (bank
reference, amount, date etc.)
• Detection of unusual data and
amounts based on historical data
• Recording of all changes allowing
the identification of the fraudsters
and his actions
• Automatic alerts in case of changes
in supplier bank details
Legal archiving:
• Computation and storage of a
unique checksum signature for each
document to proof the original
• Electronic archiving of documents
compliant with ISO 14641
standard for the preservation of
electronic documents
• Timestamp of documents with a
certified electronic signature
Secure audit trail:
• Export of workflow rules to
automatically document internal
processes and controls and archiving
of the original document file
• Export of the invoice history
• Archiving and consulting of the
original file. u
Issue 13
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www.intelligentciso.com