Procurement and payment areas rank the highest amongst processes most vulnerable to fraud, waste and errors – with typical leakages of 1% of total supplier spend. Recurring leakages in the P2P process are recovered through post payment audits and are not curtailed at the outset. Most organizations rely on traditional detection mechanisms that can identify familiar frauds, failing to detect new anomalies and fraud schemes. The process is thus time consuming and suffers from huge false positives in the flagged transactions. With Wipro’ pre-built set of models that combine domain expertise and machine learning, acts of collusion and other fraudulent activities are identified with high accuracy, catching leakages that pre-built rules fail to detect. This solution, which is on AWS, deciphers patterns in data to identify new anomalies and fraud types not encountered before.
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