Stop fraudulent invoices entering your business
Stop invoice fraud
CloudTrade's invoice Fraud Protection flags suspected fraudulent invoices before they enter your business.
Protect your business,
stop the uncertainty
Identifying fraudulent invoices can be a time-consuming error-prone process and, when it all goes wrong, very costly. With CloudTrade’s Invoice Fraud Protection (IFP), we identify and detect suspect fraudulent invoices as they arrive and before they enter your business, allowing your team to make decisions as to how to proceed, putting your business in control and slashing the risk of paying fraudulent invoices.
How does IFP work?
CloudTrade’s Invoice Fraud Protection extracts and validates the invoice data before checking for fraudulent features.
1. Email arrives
Invoice arrives in a designated email inbox.
2. Data Extraction
CloudTrade Universal Capture extracts the data from the invoice.
3. IFP checks the invoice data
IFP analyses the invoice data checking it against the key identifying fraudulent features and quarantines suspected fraudulent features and quarantines suspected fraudulent invoices for the appropriate action.
4. Submitted into the ERP
If the invoice passes the fraud checks the invoices data enters your ERP automatically
5. Stored in the archive
All actions performed by Universal Capture and Invoice Fraud Protection, as well as the invoice data, are stored in the archive for as long as required.
Product Features
- Detects and flags suspect invoices before they enter your ERP system and queues them for inspection
- Issues alerts when a suspect invoice is detected and quarantined in our secure portal ready for verification by designated personnel
- Includes configurable actions on suspect documents including: return to sender, delete, archive
- Requires no on-premise software, with rapid, secure Cloud-deployment in as little as 30 days
- Auto-uploads (directly to your ERP) all approved invoices ready for authorisation, coding and payment
- Full audit and archive of actions and comprehensive reporting API available
Benefits for your business
- Pay only invoices that meet criteria of genuine and non-fraudulent payment requests
- Increase internal controls, compliance and visibility with customisable validation criteria
- Save time by filtering out only those that need manual validation
- Maintain a full audit trail of the IFP checks
- Provide a clear view of company spend
- Ensure that payment requests are legitimate and correctly intended for verified accounts/purchases
- Release your workforce from this manual and error prone process allowing them to concentrate on higher value-added tasks
Find out how Invoice Fraud Protection
can help your business
