BizTravelSolutions

We could draw up a list of red flags, but how accurate would they be, and would they really prevent employee expense fraud? What are the active detection methods to protect your organization from this financial threat and the business world from the alarming projections of expense fraud in the future? This story answers many important questions to help fortify businesses' financial positions. #spendmanagement #travel #business #expensefraud #businesstravel

"Fraud risk: The fundamentals," is an important article from Thomson Reuters; a must-read and share. #fraud #expensefraud #ai #software #spendmanagement

Employee expense fraud is a unique problem in the corporate world because, according to the Association of Certified Fraud Examiners (ACFE) 2024 Occupational Fraud report, it takes about 18 months to detect. In this The Times Of India story, it took over two years to notice a Singaporean HR associate who embezzled nearly S$200,000. The detection time gives perpetrators ample time to wreak havoc on company finances. To combat this, forward-thinking companies are turning to AI-powered tools like BizTravelSolutions' EVITA, which not only detects but also prevents expense fraud, safeguarding against financial loss before it even occurs. #spendmanagement #expenseverification

According to this report by Heavyn Lester for LegiStorm, Artificial intelligence is becoming popular in the travel industry—not just as an assistant for booking and logistics, but as the very reason for travel itself. A growing number of congressional trips are now focused on AI. Just as in the travel sector, AI is also becoming a trusted solution to travel expense fraud. For example, AI-driven solutions like BizTravelSolutions EVITA are transforming travel expense management by detecting and preventing fraud, saving companies from unnecessary losses. #expensefraud #spendmanagement

This story from Banking Frontiers analyzes employee expense fraud and how it has become a global menace and continues to grow. The story recommends AI-powered tools for fighting employee expense fraud. BizTravelSolutions’ EVITA is one of the best tools to detect and prevent expense fraud, ensuring your company stays secure.  #expensefraud #spendmanagement https://lnkd.in/d8JzT7RH

Important article by Kathakali Nandi for HOTELS magazine; a must-read and share. #travel #businesstravel #travelspend #spendmanagement

According to this story by Mark Di Stefano for The Australian Financial Review, $116 in misclaimed expenses led to a public servant's arrest and defamation. This story highlights how minor amounts can escalate into major issues, jeopardizing careers and reputations. It also emphasizes the dire need for foolproof expense verification. With BizTravelSolutions EVITA, an AI-powered expense verification tool, companies can safeguard their expense processes, ensuring accuracy and protecting employees from wrongful accusations. Read more about the story below. #travel #reimbursement #spendmanagement

Interesting article by Elizabeth Powell for AMERICAN POSTAL WORKERS UNION; a must-read and share. #postoffice #usps United States Postal Service #travel #reimbursement #spendmanagement

This story by Tim Mosier for ABC57 is just another of the many employee expense fraud reports we've come across recently. A man was sentenced for defrauding his Ohio-based employer over $500,000 through falsified travel reimbursements over nearly a decade. Today, many companies are unknowingly suffering from expense fraud. While such schemes start with small figures, they can accumulate significant losses over time. Businesses and institutions looking to safeguard themselves can benefit from AI-powered solutions like BizTravelSolutions' EVITA, designed to detect and prevent fraudulent activities. Reach out to us today for a demo. #businesstravel #expensefraud #expensemanagement #spendmanagement #ohio

According to the story by Anton Nilsson for Crikey, after the National Anti-Corruption Commission opted out, the Australian Federal Police is now probing a scandal involving $137,441 in taxpayer funds used for personal holidays by Tourism Australia staff. Expense fraud might seem simple, but detecting it isn't—advanced tools like BizTravelSolutions EVITA, an AI-based expense verification solution, are essential in supporting corporate and government institutions to effectively prevent and catch such misconduct. #businesstravel #expensefraud #expensemanagement #spendmanagement Tourism Australia