A Financial Integrity use case
Vendor advance payment fraud
When vendors are paid before goods are received—whether due to fraud or innocent oversight—that’s when exposure happens. In this use case, see how advance payment fraud unfolds, and how to shut it down before any damage is done.
How vendor advance payment fraud happens
Even with the best of intentions, employees can be manipulated. Skilled fraudsters use social engineering to create a sense of urgency and legitimacy that pushes payment through. And to make matters worse, sometimes the employee isn’t just unaware—they’re knowingly complicit.
The vendor
Set on defrauding the organization, the vendor sends an invoice for an advance payment, without intending to deliver.
The employee
Sometimes knowingly, sometimes not, the employee bypasses policy and authorizes payment before the goods or services are received.
The outcome
Funds are released with no delivery in sight. By the time the fraud is uncovered, it’s often too late to recover the payment—and even harder to trace accountability.
The high cost of exposure
Advance payment fraud doesn’t just affect a single transaction. It can lead to major financial loss, expose your organization to compliance violations, and escalate into legal consequences, especially with today’s vendor risk management platforms not designed to deliver real-time, preventive control.
loss
penalties
action
Eliminate integrity
exposure with Datricks
The Datricks Financial Integrity Platform brings autonomous, real-time control over financial operations, with the three core capabilities required for eliminating advance payment fraud and the amany other integrity exposures that traditional vendor risk management platforms can’t catch.
Without needing any input, Datricks automatically and continuously analyzes your financial processes in order to understand your business context.
Problems are identified across all business data and analyzed by our AI in the context of their financial processes in real time.
CFOs get a comprehensive control tower to understand the overall health of their organizations. Furthermore, they can see how they stack up against others in the industry.
The Datricks advantage
Get the upper hand on advance payment fraud and prevent attempts from turning into financial damage with automated, AI-powered detection of violations and insights into how the team can tighten controls and prevent fraud from recurring.
Industries we serve
The Datricks Financial Integrity Platform is designed to help organizations across a diverse range of industries to gain autonomous, real-time control over financial operations, eliminate exposures, and ensure Financial Integrity.