How to Detect and Stop Fraud, Waste, and Misuse in Employee Expenses. A Best Practices Guide for Mitigating Purchase Card and Travel and Expense Risks

Fraud isn’t always intentional, but that doesn’t mean it isn’t an issue. In fact, it is faced by all companies no matter its size or location. According to the Association of Certified Fraud Examiners’ (ACFE) the typical organisation loses 5% of revenues each year to fraud. Some employees may not know your policies or understand the processes required to prevent non-compliant business spend. Others may not see an issue with a little exaggeration on their expense claim but by establishing checks and processes to put you in control and making it easy for employees to comply with policies, you can mitigate, detect, and prevent losses because of accidental errors or fraudulent activities. 

In this eBook we identify the most common ways that fraud and misuse can happen within Travel and Expense from duplicate submissions to rounding up milage, and how continuous automated data monitoring can serve as a powerful deterrent by influencing compliant employee behaviour from the start. By using advanced AI-based data analytics you can identify the high-risk transactions and focus on correcting issues – not spending hours trying to find the issues in the first place. 

Organisations that proactively monitor data using an automated risk management solution:

  • Detect frauds in less than half the time
  • Have a 52% lower fraud loss
  • Reduction in out-of-policy transactions by as much as 70%
  • 58% faster fraud detection

The best way to manage T&E and P-Card risk is to employ an AI-powered, automated data analytics tool coupled with your TEM software. This combination is the only truly effective way to mitigate your T&E and P-Card programme risks, reducing fraud, misuse, and waste and driving employee behaviour to create a more compliant organisation.

To find out how Concur Detect by Oversight can help your business to simplify its expense audit and compliance programme. Download our eBook today.