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Medius Launches Fraud & Risk Detection to Catch Fraud Before It's Too Late

Oct 02, 2023 - ffnews.com
Medius, a provider of AP Automation and Spend Management solutions, has launched a new Fraud & Risk Detection product. The solution uses AI and machine learning to monitor risk events within the invoice-to-pay process, alerting relevant parties to take action. It also features real-time analytics to help teams understand threats and preempt issues. The product is designed to detect anomalies and risk factors across the invoice lifecycle, allowing users to spot fraud attempts and take immediate action.

The product aims to prevent fraud or risks like duplicate payments before they occur, saving businesses from the costly task of trying to recover stolen funds. It also offers new insights and visibility with the Medius Fire Station Dashboard, alerting finance leaders to risks within their AP process. Daniel Ball, EVP Product at Medius, emphasized the importance of the product for finance leaders needing visibility across the invoice-to-pay process and the ability to find and mitigate fraud within their businesses.

Key takeaways:

  • Medius has launched a new Fraud & Risk Detection product that uses AI and Machine Learning to detect fraud and risk events in the invoice-to-pay process.
  • The product is designed to prevent fraud or risks like duplicate payments before they occur, saving businesses from the costly task of trying to recover stolen funds.
  • The application offers new insights and visibility with Medius Fire Station Dashboard, alerting finance leaders on risks within their AP process.
  • Research shows a rise in fraud risk, with over half of organizations experiencing increases in fraud attempts in the last 12 months, and finance teams being the most frequent victims.
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