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Uncovering accounts payable fraud using "fuzzy matching logic": Part 2.(selected topic)
With the increasing growth of accounts payable transactions every year, there's an increasing risk of potential fraud and abuse. Here are seven different ways that you can detect potential accounts payable fraud. Refer back to the March issue of Business Credit for the introduction and "1. Duplicate Payments."
2. Benford's Law
Benford's Law (first mentioned in 1881 by the astronomer Simon Newcomb) states that if we randomly select a number from a table of physical constants or statistical data, the probability that the first digit will be a "1" is about 0.301, rather than 0.1 as we might expect if all digits were equally likely. The "law" may be ...
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