Sypht seeks to tackle Invoice Fraud

Invoice fraud costs Australian businesses $A128M each year. Australia’s Sypht has introduced three new features to its capture and document processing platform designed to improve time and costs efficiencies and reduce the impacts of fraud.

These three new features are described as Operational Risk Signals:

- Duplicate Document Signal has been designed to improve document management and reduce double payments before they reach Accounts Payable, Document Management, and Approvals staff.

- Payment Fraud Signal detects invoice and claims fraud at the point of processing, reducing financial loss.

- Payment Spend Signal identifies payment documents with unusually high amounts and flags them for further investigation.

These signals work by looking at the documents within your organisation’s dataset and in the case of the Payment Fraud Signal the wider 30M+ set of documents processed worldwide by Sypht.

Sypht has established a proprietary SaaS platform on the Amazon Cloud that uses Google Vision OCR, machine learning and natural language processing that instantly and accurately extracts and interprets valuable information from unstructured data in documents used in everyday business processes.