Sweden-based Medius has rolled out Fraud & Risk Detection, a risk management and governance framework that aims to save businesses time and money. Using the innovations in AI and Machine Learning, Fraud & Risk Detection monitors for risk events within the invoice to pay process and alerts the right people to take action.

The solution also features real time analytics to enable teams to better understand the threats and to therefore pre-empt issues before they take place. A response to an increase in fraud The new product is introduced as research shows a rise in fraud risk, with a study from Cybersecurity Research finding that over half of organisations have experienced increases in fraud attempts. Nearly 60% of respondents also indicated that finance teams are some of the most frequent victims of fraud and phishing attempts.

To protect AP teams against both internal and external fraud, Medius Fraud & Risk Detection detects anomalies and risk factors using AI across the invoice lifecycle. Online alerts provide transparency for users to spot fraud attempts like fake invoices or duplicate payments, and more sophisticated fraud schemes. Action can then be taken to remediate the potential risk immediately.

Financial teams can enforce their organisation policies within one, unified process that meets their business needs. Enhancing AP security and preventing fraud in finance The application offers new insights and visibility with Medius Fire Station Dashboard to alert finance leaders on risks within their AP process, ensuring leaders can examine specific risk types and profiles to continuously improve the security of AP and payment processes. Crucially, the product is designed to prevent fraud or other risks like duplicate payments before it’s taken place, ensuring businesses are protected from the costly and difficult task of trying to recover stolen funds.

In the US, the average business loses approximately USD 300,000 to fraud every year. Officials from Medius said that over-burdened finance leaders need visibility across the invoice to pay process, and to feel confident in their ability to find and mitigate fraud within their businesses. Medius Fraud & Risk Detection helps businesses proactively manage the risk so they can prevent issues.

This is important for business leaders who are operating in challenging economic conditions, and who simply can’t afford the added and preventable costs of fraud. What does Medius do? Medius links invoice capture, processing, and payment to replace the worry and wondering of managing AP with calm and confidence. Medius goes far beyond basic automation by using artificial intelligence to do most of the work – so invoices get confirmed, coded, and paid.

The company has more than 4,000 customers across 102 countries and processes USD 180 billion in annual spend through its system. .