Emburse and PredictX Collaborate on Powerful Solution to Prevent and Detect Expense Fraud
LONDON (BUSINESS TRAVEL SHOW), February 26, 2020: Advanced analytics software provider, PredictX, announces a collaboration with Emburse, a global leader in expense management and accounts payable automation, to strengthen organizations’ abilities to detect unauthorized travel and expense spend.
The organizations will demonstrate how customers of Emburse’s expense management solutions can use PredictX’s Inspector solution to identify anomalies or abnormal transactions – showing undesirable, risky or potentially fraudulent activity – in an expense data feed. Inspector can supplement Emburse’s expense solutions’ existing fraud prevention and detection capabilities by using machine learning to automatically detect when a transaction looks suspicious.
Unique among auditing tools, Inspector takes a holistic look at the data and understands the linkages between employees, activities, and expenses – especially important for meetings and events, and when assistants book travel on behalf of others.
Without needing to define a large amount of policy rules to capture every possible nuance, Inspector’s models use both supervised and unsupervised machine learning methods to learn the characteristics of undesirable transactions and then identify them. Inspector identifies transactions by using predictive models that learn from previously flagged transactions, as well as by using an open-ended analysis to intelligently identify previously undetected transactions that may point to fraud.
“Often risky, fraudulent or problematic transactions only happen due to a lack of oversight,” said Keesup Choe, CEO of PredictX. “This is expected as aggregating this data and defining policy rules is time-consuming, and we are only human. Inspector is an excellent example of how AI can reduce business risk. Those who adopt AI-powered solutions have the chance to get ahead of things like undesirable transactions and improve their travel and expense management for the better.”
“Our mission at Emburse is to humanise work, by automating everywhere we can by using technologies such as machine learning. PredictX shares this philosophy and empowers organizations to become even more confident in their fraud prevention capabilities, limiting the need for expense auditors to spend countless hours poring over spreadsheets to spot potentially fraudulent spend,” said Nord Samuelson, president at Emburse. “Our solutions already incorporate a wide range of policy and technology-based fraud prevention capabilities, which succeed in eliminating the vast majority of employee expense fraud. That said, fraudsters are becoming more and more sophisticated in their approach. Using Inspector's machine learning-based analytics helps identify suspicious transactions and automatically flag them to approvers.”
To learn more at the Business Travel Show in London, visit Emburse’s Chrome River stand B2300, or PredictX at stand B420. Read more about Inspector here.
PredictX is an advanced analytics software provider trusted by large, global enterprises to optimise data-driven decision-making. PredictX makes AI practical and useful in large business functions - simplifying the complexity in data so companies can focus on adding value to the business.
For more information on PredictX, visit predictx.com, call
Emburse humanizes work by empowering business travellers, finance professionals and CFOs to eliminate manual, time-consuming tasks so they can focus on what matters most - their family, community or more rewarding work.
Emburse brings together some of the world’s most powerful and trusted expense and AP automation solutions, including Abacus, Captio, Certify, Chrome River, Nexonia and Tallie. The company’s innovative offerings, which are uniquely tailored for specific industries, company sizes, and geographies, are trusted by more than 4.5 million users in more than 120 countries. Over 14,000 customers, from start-ups to global enterprises, including Boot Barn, Grant Thornton, Telefónica, Lufthansa Systems, and Toyota rely on Emburse to make faster, smarter decisions, empower business travellers to recapture lost nights and weekends spent doing tedious expense management, and help make users’ lives -- and their businesses -- better.
For more information on Emburse, visit emburse.com, call 877-EMBURSE, or follow the organization’s social channels at @emburse.
Joni Lindes, PredictX
Tim Wheatcroft, Emburse