Three Months Before the B2B Mandate in Germany: Questions Arise About Reform Preparation
The B2B mandate in Germany, set to take effect on January 1, 2025, marks a crucial step in the European…
Generix & Open Sky Group Advance Their Joint Mission to Accelerate Supply Chain Digitization in North America View the press release
Among the companies that declare to have been hit at least once by a fraud attempt, 20% of them have experienced 5 attempts. 13% even estimate to have exceeded 15 attempts! These alarming figures show that fraudsters no longer hesitate to multiply their attacks, and often with success: 33% of victim companies have indeed suffered a loss of more than 10,000 euros, and 14% more than 100,000 euros. The risk of fraud and cybercrime weighs heavily on the cash flow of companies, with a real threat to their survival. The barometer also notes a clear Covid-19 effect: almost one company out of two sees an increase in attacks with the generalization of teleworking. The latter was implemented by companies that had to adapt quickly to the epidemic context, sometimes to the detriment of security, even if 66% have adapted their internal procedures and 67% have strengthened their security procedures to protect themselves from possible vulnerabilities.
According to the Euler Hermes 2021 Barometer, cyber fraudsters are multiplying the techniques they use to extort funds from companies. The most common methods used are transfer frauds with identity theft where the company makes a payment that is not cashed by the right entity: fake president fraud, fake supplier fraud, other identity theft (banks, lawyers, auditors) or fake customer fraud. Protecting yourself from these frauds is therefore essential but complex. Even with a lot of good will, fraudsters’ methods are becoming more and more sophisticated and it becomes difficult to detect and thwart falsifications. To protect your company, you need to adopt several reflexes, such as mapping out the weak points in your company beforehand, or raising awareness and training your employees on these subjects. But even better: digitalization and automation of processes are proving to be effective and even indispensable means of reinforcing the level of security in the face of fraud risks.
Encouraged by the mandatory dematerialization of invoices, automated solutions are becoming increasingly popular with companies, offering numerous advantages. In particular, they reduce costs and document processing times, resulting in savings and therefore improved margins for the company. They also offer better visibility and traceability of operations, and above all a reduction in the risk of errors and fraud.
The AP automation solution, proposed as a module of Generix Group’s Invoice Services offer, enables customers to benefit from an automated system that manages the entire supplier invoice processing cycle, from the collection of supplier data to payment. To limit the risks of payment to the wrong entity, each invoice is automatically audited and reconciled with the information referenced in the supplier databases.
The solution detects any deviation of any kind, whether it is a price or quantity that does not correspond to the order or is unusual with this type of supplier, an unusual type of service, an invoice that has already been paid, a change in the identity of third parties or their bank details, etc. If there is any doubt, the process is blocked, allowing the user to take corrective action: For example, call the supplier to verify that there is a change in the RIB before the payment is launched. It is also possible, via customizable programs, to interact with APIs of providers specialized in the fight against fraud (third-party repositories, financial health, etc.). With these automated solutions, fraudsters are quickly thwarted.
The B2B mandate in Germany, set to take effect on January 1, 2025, marks a crucial step in the European…
Following the October 15 announcement regarding the abandonment of the PPF development, the DGFIP and its partner AIFE are ramping…
For several years now, e-commerce has been disrupting supply chains—and this trend is here to stay. In 2020, global online…
Work with our team to build your ideal supply chain software stack and tailor it to your unique business needs.