Seb Vanhecke, Chief Product Officer of European fintech Rydoo, has commented on on the rise in employee expense fraud due to AI-generated fake receipts and the end of the fiscal year causing finance teams to become overwhelmed “with higher priority tasks, meaning routine tasks such as expense reviews fall down the list.”
Seb believes that now, it has become a lot easier for fraudulent claims to slip through unnoticed, especially considering that generative AI (artificial intelligence00 is increasingly “being used to create highly convincing deepfake receipts.”
In general, cybercriminals are increasingly using AI and other sophisticated methods to deceive consumers. It will become more challenging to safely and securely navigate the digital landscape given the proliferation of online scams and other forms of malicious activities.
Seb also argues that businesses need to get ahead of this by effectively leveraging AI-powered solutions in order to “enable real time expense monitoring instead of traditional batch processing and to identify deepfakes.”
Seb Vanhecke, Chief Product Officer at Rydoo, has commented:
“Finance teams are already stretched thin as it is towards the end of the fiscal year, busy closing out company accounts, preparing for external audits and finalising budgets for the next year. With so much to manage, routine tasks such as expense reviews often fall down the priority list, making it easy for small errors and fraudulent claims to slip through unnoticed, especially when they’re disguised well and in small amounts. And with generative AI now capable of generating deepfake receipts, it can be even more challenging to spot fraudulent claims, adding yet another layer of complexity to an already stressful time of year.”
They also mentioned:
“By leveraging AI, companies can automatically check for expense fraud including AI-generated fake receipts, shifting from traditional batch processing to real-time monitoring and in turn reducing the risk of mistakes. Using AI-powered systems means finance teams can ensure they have employee expenses under control, even during the busiest times of the year.”