Preventing payment fraud and shadow spending
Nanonets
MAY 31, 2023
billion in 2011 to $32.39 Vendor Fraud: Employees collude with external vendors to create fake invoices or overstate charges, leading to improper payments. Payment fraud has tripled from $9.84 billion in 2020 globally. It is projected to continue increasing, reaching an estimated cost of $40.62 Vendor fraud caused a total loss of $10.24
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