Think how much we implicitly trust the integrity of the receipts/invoices we are presented with. Should we?
UK small and medium sized businesses are losing more than £9 billion from invoice fraud every year, this amounts to £1,658 per SME, research by Tungsten Network shows. Of those that have been affected, one in six firms believes fraud has cost them more than £5,000 in the last year alone.
There is a big, relatively unspoken problem here. Raise Secure want to use bank level encryption to protect invoicing and give third parties a way to check the validity of invoices without breaching the data protection act. This is especially important for Employers wanting to validate expense receipts.