Yooz, an international provider of intelligent P2P software has announced the launch of YoozProtect, a new functionality to assist in the automatic detection of fraudulent and forged documents and enhance regulation compliance for UK businesses.

In the UK alone, invoice fraud cost businesses as much as £93 million in 2018 according to a UK Finance report. The digital era has offered new ways for culprits to prepare and conduct fraudulent operations, meaning finance departments of companies need to be much more vigilant.

Several large-scale cases have recently highlighted the fraud issue, costing businesses such as Google, FacebookDell and Microsoft millions of pounds in fake invoices.

And invoice fraud doesn’t just affect big players – it can have a crucial impact on businesses of all size. The multiplication of invoice fraud cases such as Patisserie Valerie and several London Art Galleries demonstrates the wider vulnerability in this area.

Fraud and data protection a major challenge for CFOs

With digital transformation, CFOs have become not only financial gatekeepers, but also data protectors. CFOs are at the front line of fighting fraud risks which can arise in many different ways and situations.

Meeting their companies’ regulatory and safety challenges is becoming one of their highest priorities. For most CFOs, preventing fraud involves implementing mainly behavioural and procedural solutions, such as increasing employee awareness, reinforcing controls, or audits. Leveraging technology and AI to improve protection and compliance without the need or risks of manual processes is essential for businesses to stay secure.

YoozProtect will offer a solution that secures financial processes and data with three fields of action: fraud prevention and detection, legal archiving and a secure audit trail.