Routable Adds Fraud-Detecting AI Agent to AP Automation Platform

Routable has enhanced its accounts payable (AP) automation platform by adding an AI agent that can detect both invoice fraud and human error.

“As fraudsters get more creative, it’s become impossible for humans to keep up,” Routable CEO and Co-Founder Omri Mor said in a Thursday (Feb. 6) press release. “Routable’s newest offering uses the power of AI [artificial intelligence] to detect and prevent both invoice fraud and human error — giving AP teams superhuman visibility to protect the business.”

The machine learning and generative AI now incorporated into Routable’s AP automation platform will detect invoice anomalies, duplicate invoices and human data entry errors, according to the release.

First, the platform’s OCR scans invoices to create bills that are either automatically matched to a purchase order or predictively coded based on machine learning and historical data, the release said.

Then, while processing the invoice, the new AI agent scans it for anomalies and errors and, if it finds anything questionable, alerts AP teams to prevent fraud and error before it happens, per the release.

“AI has the power to help you do something humans can’t do, something previously impossible,” Mor said in the release. “We’re excited to help businesses achieve the impossible.”

Invoice fraud is a rapidly growing threat, with cybercriminals and internal fraudsters increasingly finding ways to manipulate the payment process for illicit gain, PYMNTS reported in September.

This fraud can take many forms, from fake invoices sent by external cybercriminals to fraudulent activities carried out by employees with access to internal systems.

Legacy AP systems have proven ineffective at countering the threat posed by fraudsters who are leveraging AI to enhance the effectiveness of their deceitful strategies, according to the PYMNTS Intelligence and Finexio collaboration, “Companies Enlist AI in Battle Against AI Fraud.”

The report found that AP departments can harden their defenses against AI fraud by deploying virtual cards that have built-in controls; multifactor and knowledge-based authentication that can keep fraudsters from impersonating vendors; trusted payments solution partners that can offload complex security burdens from the company’s team; and AI and machine learning that can identify anomalies that could be the result of fraud.