Yooz uses AI to tackle invoice fraud with YoozProtect

Yooz provides intelligent P2P software world-wide. The company recently announced the launch of YoozProtect, a new functionality that assists customers by automatically detecting fraudulent and forged documents.

In 2018, invoice fraud cost businesses in the UK as much as £93 million according to a UK Finance report. Finance departments need to be more vigilant than ever today. In the digital era, there are new ways for culprits to prepare and conduct fraudulent operations.

Recently, this issue has been highlighted by several large-scale cases, costing businesses like Google, Facebook, Dell and Microsoft millions of pounds. But invoice fraud doesn’t just large-scale companies, the multiplication of invoice fraud cases such as several London Art Galleries and Patisserie Valerie show that there’s a wider vulnerability in this area.

Yooz is now protecting more than 2,000 customers and 100,000 users worldwide with an affordable zero-risk subscriptions, providing unmatched savings, speed and security.

As we rely more and more heavily on digital advancements, CFOs have become not only financial gatekeepers, but also data protectors, on the front line of fighting fraud risks. These risks can arise in many different ways and situations.

For CFOs, one of the highest priorities is meeting their companies’ regulatory and safety challenges. Preventing fraud involves implementing mainly behavioural and procedural solutions. These might include, increasing employee awareness, reinforcing controls, or audits. In order for business to stay secure, leveraging AI and technology is becoming vital. It can improve protection and compliance without the need or risks of manual processes.

YoozProtect will offer a solution that secures financial processes and data. This solution involes three fields of action: fraud prevention and detection, legal archiving and a secure audit trail.