New software to help SMEs tackle invoice fraud

YoozProtect secures financial processes and data through three fields: fraud prevention and detection, legal archiving, and a secure audit trail.

The software can detect duplicate invoices as well as inconsistent and potentially forged data, while recording and alerting to any changes in supplier bank details.

Yooz says the software will ensure regulation compliance for UK businesses.

A recent UK Finance report found that invoice fraud cost businesses as much as £93 million in 2018.

Yooz commented: "With digital transformation, CFOs have become not only financial gatekeepers, 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."