IFOL Releases Finance Leader’s Fraud Report 2024: A Global Study Revealing Critical Gaps in Fraud Prevention
The Finance Leader’s Fraud Report 2024 from the Institute of Finance Operations & Leadership (IFOL) reveals alarming gaps in fraud prevention strategies among global finance and accounts payable (AP) teams. This independent study, sponsored by Routable, highlights a critical vulnerability: insufficient adoption of AI technology is leaving many organizations exposed to escalating fraud threats.
The research reveals that 65% of finance professionals know a victim of fraud in the past five years, yet only 40% rate their current fraud prevention controls as effective. Alarmingly, 35% of teams do not use any tools or technologies to detect and prevent fraud. Only 13% have adopted AI or machine learning solutions, a key gap in combating increasingly sophisticated attacks. Furthermore, training remains inconsistent, with just 31% of respondents receiving regular fraud awareness training, while 24% report receiving none at all.
Sam Hitchen-Rae, COO at IFOL, commented on the findings:
“This research highlights a glaring gap in the adoption of advanced technologies like AI, leaving organizations vulnerable to increasingly sophisticated fraud schemes. Proactive investment in both technology and employee training is essential to building resilient finance operations.”
The report underscores the urgent need for leadership to prioritize fraud prevention strategies that incorporate AI-powered solutions. Such tools can significantly enhance detection capabilities and automate responses to potential threats, providing an essential safeguard in the digital age.
Routable’s Commitment to Fraud Prevention
As the sponsor of this critical research, Routable emphasized the need for innovation in fraud prevention.
“Fraud is more pervasive – and more creative – than ever. In order to protect businesses from fraud, innovation is a must,” commented Omri Mor, Co-Founder and CEO of Routable. “Routable is leading the way in leveraging new technologies like AI to combat fraud, and we are thrilled to partner with IFOL on this research that highlights the need for innovation in AP.”
Access the full Finance Leader’s Fraud Report 2024.
About IFOL
The Institute of Finance Operations & Leadership is dedicated to enhancing finance operations through research, education, and certification programs. It supports professionals globally in achieving operational excellence.
About Routable
Routable automates accounts payable with invoice capture and processing, flexible payment options, and seamless vendor management – reducing manual payment tasks by 80%. The platform eliminates compliance headaches through detailed audit trails, role-based access, and vendor risk checks. All with an average savings of 30%. AP automation, solved.
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