Fintech PR
Two-Thirds of Businesses Blame GenAI for Fraud Surge
- 62% of businesses cite generative AI as a key driver behind the surge in invoice fraud
- 7 out of 10 organizations were victims of fraud in 2024
- 90% lack experience in fraud prevention teams
- The perfect storm of challenges: new survey identifies company exposure to invoice fraud and lack of protection measures, causing global losses of $485bn
CHARLOTTE, N.C., Dec. 18, 2024 /PRNewswire/ — Two-thirds of businesses (62%) cite generative AI as a key driver behind the surge in invoice fraud, according to a new global survey. This increases difficulty in distinguishing between legitimate and fraudulent documents, as attacks grow in volume and sophistication.
Alongside this issue, 90% of organizations lack dedicated fraud prevention teams, forcing accounting staff to juggle fraud management beside their regular responsibilities, often straining resources and increasing vulnerability.
The findings were revealed in invoice automation company Basware’s ‘The Rise in AP Fraud‘ report, conducted by sharedserviceslink. The study surveyed 100 global business leaders and CFOs on the exposure companies have to financial fraud and what protection measures they have in place.
Fraud is a global $485bn issue
Fraud is becoming increasingly frequent, sophisticated, and damaging for businesses. In 2024, seven out of 10 organizations (68%) reported fraud attempts, with 62% noting these attempts had worsened over the past year.
The financial impact is staggering. Last year, fraud schemes, including bank fraud, resulted in global losses of $485 billion.
Remote work and decentralized operations are seen as key contributors of this surge, as identified by a quarter (25%) of respondents. By weakening internal controls, remote work exposes accounts payable (AP) departments to greater vulnerability, making it harder to prevent fraudulent activities.
At the same time, roughly a quarter of respondents also point to rising transaction volumes (29%) and the expansion of the supplier base (25%) as critical risk factors. With more invoices to process and a larger number of suppliers to manage, AP teams face greater complexity, which increases the likelihood of errors or fraud.
Together, these external threats create a perfect storm of challenges, making it easier for fraudsters to exploit weaknesses in the AP workflow.
GenAI used to create millions of illegitimate invoices
AP departments are on the frontlines of fraud detection, while also managing supplier payments, leaving them overwhelmed by the complexity and growing volume of fraudulent attempts.
Increasingly sophisticated tactics, such as fake invoices, deepfake media, and phishing scams – driven by generative AI – have made attacks more convincing and harder to detect. As a result, two-thirds (62%) of businesses now cite generative AI as a key driver behind the surge in AP fraud.
Tools such as ChatGPT enable the mass creation of communications and fake invoices, increasing risks and delays in resolving legitimate disputes. When handled by multiple disconnected systems, information becomes fragmented, making patterns harder to spot and allowing fraud to slip through undetected.
A high-impact case of AP fraud involved a man from Lithuania, who defrauded Facebook and Google out of more than $120 million by posing as a legitimate supplier. Using fake invoices, he secured $99 million from Facebook and $23 million from Google. The fraud underscored how vendor impersonation and fake invoices can cause massive financial losses without robust AP safeguards, even for large enterprises.
According to the survey, 90% of organizations lack dedicated fraud prevention teams, causing understaffed and under-resourced AP teams to prioritize speed over detailed checks, creating vulnerabilities. Meanwhile, reliance on paper-based processes and inadequate statement reconciliation leaves teams exposed to errors, inefficiencies, and fraudulent activities.
Tom Santacroce Global VP of AP Assurance, commented on the findings:
“Manual processes are inherently slow and prone to errors, making it difficult to match invoices, track approvals, or identify duplicate payments – creating exploitable gaps for fraudsters, who are now using GenAI. For overburdened AP teams, these create the perfect storm of challenges, leading to operational bottlenecks, strained supplier relationships, and lost cash flow.
“Forward-thinking organizations are reimagining fraud, overpayment and risk prevention through AI and automation that protects against increasingly complex financial threats. Remote work has weakened traditional security, requiring secure systems and innovative solutions like decentralized finance and blockchain for transparent vendor transactions. With increasingly sophisticated fraud tactics on the uptick, organizations must prepare for stricter AI and compliance rules. Proactive fraud prevention today not only mitigates risk, but also future-proofs operations against costly penalties.”
How enterprises can combat fraud
AP fraud is one of the most targeted types of fraud for businesses. According to the survey, 28% of organizations cite a lack of AP automation to help tackle fraud. Reliance on manual processes and outdated tools leaves businesses ill-equipped to manage complex, high-volume transactions, creating critical gaps for fraudsters to exploit.
One example of how automation has strengthened AP fraud prevention is KION, a global leader in forklift trucks and warehouse equipment, who were previously vulnerable to fraud risks due to manual invoice processing.
To address these challenges, KION partnered with Basware, shifting to automated AP processes driven by AI that significantly reduced manual errors, minimizing fraud opportunities. With over 90% of its spend now controlled, KION has streamlined its operations, providing better visibility, control, and oversight — ensuring that invoices and payments are accurately validated, reducing the risk of errors or AP fraud.
For the full report, visit: https://www.basware.com/en/resources/the-rise-in-ap-fraud-frequency-sophistication-and-impact
About Basware
Basware is how finance leaders in global enterprises can finally automate their complex, labor-intensive invoice processes and stay compliant with regulatory change. Our AP automation and invoicing platform helps you achieve a new level of efficiency – in a matter of months – while reducing errors and risks. We bring a unique combination of true automation, complete coverage, and deeper expertise to make it all just happen for our customers. That’s why the world’s most efficient AP departments at thousands of companies rely on Basware to handle over 220 million invoices per year. With Basware, Now it all just happens.™
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DUBAI, UAE, Dec. 18, 2024 /PRNewswire/ — GTC FX, a leading name in global finance, celebrated its 12th anniversary with the esteemed Golden Falcon Awards Night on December 15. This prestigious event was held at the Grand Hyatt Dubai Conference & Exhibition Centre, featuring an exclusive assembly of top clients, partners, and celebrities. Notable attendees included legendary investor and author Jim Rogers, as well as Bollywood stars Nora Fatehi and Harshvardhan Rane.
Established as a pillar of trust in financial services, GTC FX operates under rigorous regulatory frameworks across various global jurisdictions. The firm is renowned for its commitment to stringent anti-money laundering (AML) and know-your-customer (KYC) protocols, ensuring continued integrity and reliability in the fintech sector.
Over its 12-year trajectory, GTC FX has dedicated itself to excellence and innovation in finance, now serving over 985,000 clients and managing a diverse portfolio of 27,000 trading instruments. With operations extending across more than 20 branches worldwide, GTC FX handles an impressive $153 billion in monthly trades, reinforcing its status as a dominant force in the international financial landscape.
The highlight of the evening, the Golden Falcon Awards Ceremony, saw GTC FX honoring its distinguished clients and partners for their pivotal roles in the company’s success. “This event is not only a celebration of our past achievements but also an enthusiastic anticipation of our future endeavors,” expressed Ahmad Jarrar, Chief Advisor and CEO of GTC FX.
As GTC FX continues to drive forward industry standards, the Golden Falcon Awards Night will stand out as a testament to the company’s dedication to client success and innovation in the global finance sector.
About GTC FX:
GTC FX, established in 2012, is a prominent player in the financial derivatives industry, serving over 985,000 clients across more than 100 countries. Renowned for its innovative trading solutions and commitment to regulatory standards, GTC FX offers a broad spectrum of online trading products. The company is regulated globally, adhering to the stringent requirements of major financial authorities, which underpins its reputation for reliability and excellence. GTC FX’s trading platforms provide up to 500:1 leverage on a diverse array of products, including Forex, Metals, Shares, Commodities, Indices, and Liquidity Solutions. Over the years, GTC FX has been acknowledged with more than 120 industry accolades worldwide, celebrating its dedication to financial services excellence and cutting-edge technology. For more information, visit GTC FX’s website.
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- Sungrow confirms its focus on safety and innovation by receiving the world’s first VDE EMC Certificate for its microinverter.
- The series of tests followed a number of international standards with the Sungrow microinverter passing all of them in one go.
- Sungrow’s microinverter provides an efficient, reliable, and safe solution for the further deployment of renewable energy by households worldwide.
FRANKFURT, Germany, Dec. 18, 2024 /PRNewswire/ — Electromagnetic compatibility (EMC) of Microinverters is critical to the stability and safety of residential PV systems. Poor EMC performance can cause system malfunctions, interfere with household appliances and wireless networks, and even pose potential safety hazards.
Sungrow has recently earned EMC certification from VDE, one of the largest technology organizations in Europe, for its microinverter, becoming the world’s first company to receive the VDE EMC certificate for the microinverter. The products followed comprehensive testing at the VDE German laboratory and this milestone demonstrates Sungrow microinverter’s exceptional ability to operate seamlessly in complex electromagnetic environments without interfering with other electronic devices, setting a new global standard for the microinverter’s EMC performance.
The tests followed international standards, including DIN EN IEC 61000-6-1, DIN EN IEC 61000-6-3, and EN 301 489-17, and focused on 10 critical performance metrics, such as conducted and radiated susceptibility, as well as immunity to power-frequency magnetic fields. Designed with robust immunity to external electromagnetic interference (EMI) and compliance with Class B emission standards, Sungrow’s microinverter passed all tests in one go, outperforming standard requirements across all metrics and demonstrating exceptional stability and reliability.
Sungrow’s innovations in EMC were key to this success. The microinverter incorporates a soft-switching topology, minimizing EMI at its source. They are further equipped with an all-metal casing and high-conductivity sealing materials that effectively block electromagnetic radiation. Moreover, Sungrow’s microinverter employs advanced control strategies to optimize its operation under extreme conditions such as maximum (PVmax) and minimum (PVmin) PV input, mitigating harmonic distortion and high-frequency EMI.
“With balcony PV systems gaining popularity across Europe, we are delighted to witness Sungrow’s microinverter has successfully passed our rigorous testing,” said Sven Öhrke, Board Member of VDE Institute and CEO of VDE Global Services. “Sungrow truly impressed us during the tests, not only meeting but surpassing the toughest international standards.”
In addition to its outstanding EMC performance, Sungrow’s microinverter stands out for its superior energy efficiency, user-friendly installation, and robust safety features. It delivers full power output even under extreme conditions, such as non-ventilated environments with temperatures reaching up to 60°C, increasing overall energy yields by approximately 2%. Its plug-and-play design significantly enhances installation efficiency by 30%, complemented by intelligent self-checking and one-click network configuration. Having undergone over 200 authoritative tests and achieved 12 international certifications, including IEC 61140, IEC 62109, and IEC 63027, Sungrow’s microinverter is empowering households worldwide to embrace a clean energy future.
About Sungrow
Sungrow, a global leader in renewable energy technology, has pioneered sustainable power solutions for over 27 years. As of June 2024, Sungrow has installed 605 GW of power electronic converters worldwide. The Company is recognized as the world’s No. 1 on PV inverter shipments (S&P Global Commodity Insights) and the most bankable Asian energy storage company (BloombergNEF). Its innovations power clean energy projects in over 170 countries, supported by a network of 490 service outlets guaranteeing excellent customer experience. At Sungrow, we’re committed to bridging to a sustainable future through cutting-edge technology and unparalleled service. For more information, please visit www.sungrowpower.com.
Media Contact: Mina Zhang, [email protected]
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AUSTIN, Texas, Dec. 18, 2024 /PRNewswire/ — DealHub.io, the leading provider of advanced, enterprise-grade Configure, Price, Quote (CPQ) platform, announced the release of its API-First, headless quoting architecture. The new headless quoting environment extends the power and flexibility of DealHub CPQ to support quote automations across all sales channels, including PLG, e-Commerce and self-service portals.
DealHub API-First CPQ provides organizations the flexibility to develop scalable quoting solutions powered by DealHub’s robust logic-driven, configurable Playbooks. The headless quoting environment provides a composable and modular architecture that can be seamlessly integrated with revenue applications and custom user interfaces.
“API powered quoting will open a world of opportunities for DealHub customers to rapidly and effortlessly deploy new omnichannel revenue streams, from a single hub,” stated Eyal Orgil, Chief Revenue Officer at DealHub. “Headless quoting is a further example of the expanded possibilities provided with DealHub CPQ and the non-stop innovation we continue to introduce to redefine the modern CPQ.”
DealHub API-First Headless Quoting can be leveraged to support all sales processes, from new business to renewals and amendments. The Headless environment provides full access to DealHub’s rich CPQ functionality, including:
- Configurable Logic-engine to generate error-free quotes and contracts
- Multi-dimensional pricing able to dynamically set the most applicable pricing
- Seamless back-end integration with Salesforce, HubSpot, Microsoft Dynamics and other CRMs
- Powerful call-outs and queries to sync with ERP-based pricebooks, external product catalogs, and other back-end systems
About DealHub
DealHub delivers a business-logic driven engine to power the complete Quote-to-Revenue workflow incorporating CPQ, CLM, Subscription Billing, DealRoom, and new composable API-First Headless Quoting. This intelligent flow drives revenue execution from new business to renewed customers without delays and errors, ensuring a superior buyer experience across all revenue streams.
For more information, visit dealhub.io or follow DealHub on LinkedIn.
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View original content:https://www.prnewswire.co.uk/news-releases/dealhub-introduces-api-first-cpq-to-deliver-automated-headless-quoting-302334782.html
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