How ExpenseOnDemand helps stop fraud when employees claim business expenses
Fraud is not local to any country. Over the years our data has been presenting to us how claimants try to make claims, which are fraudulent. Here are a few examples from a larger set, and how we stop them. Mileage / Conveyance Fraud: In many instances two claimants travel together from Point A to Point B, and claim for the same journey individually! To address this, ExpenseOnDemand uses AI, which seeks out such claims and presents these to the finance approvers (Finance team), with a suggestion that the two claims are for the same journey. The key is presenting to the finance team the correct information at the right time, and stop such claims. Claimants submitting two claims using the same receipt. The modus operandi is that one claimant submits an expense (say) on the 1st of the month and the second submits another expense, using the same receipt on the 1st of the next month. In a manual system there is no way to capture this fraud, especially if it is of small ...