Rossum Newsletter - Hit By Fake Invoices & Losing $$$?

Hi all!

Ready for your last Fat Fingers newsletter of 2023? It's a goodie.

Look out for our next edition at the end of January, which if you prefer, you can receive as an email. We're off to spend a couple of weeks holidaying, partying with friends, catching up with family, eating too much food, and wearing dodgy sweaters.

Enough chit-chat...

Editorial

You, My Friend, Rock!

Before we sign off for the year, and in the spirit of the season, we’d like to take this opportunity to say to all our awesome customers, partners, Fat Finger subscribers, and team members across the globe…

“You were fantastic. Absolutely fantastic.”

Working together, your enthusiasm and energy means we’ve realized notable achievements throughout the year. Thank you. You’ve trusted us, and we’re grateful. The positive vibes are strong.

We’re excited for 2024. We’ve got huge goals and exciting ideas that we can’t wait to share. So stay tuned.

Whatever the coming weeks mean for you, we hope you have time to enjoy a well-earned break with friends, family, and loved ones.

See you next year!

With the advances in AI technology, fraud is sadly showing its ugly face. This edition of our Fat Fingers newsletter touches on this topic. AI fraud and how to beat it…?

Generative AI Is Fueling A Surge In Invoice Fraud

Generative AI. The answer to all your dreams or the stuff of nightmares?

Yes. It can automate your transactional document processing. Yes. Errors are reduced and efficiency improved. But…

Cybercriminals have been given a gift. Using Gen AI, it’s possible to create countless fake invoices that look like the real thing.

Is there a solution? Yes. We fight fire with fire. The AI vs AI battle begins, and we have the arsenal to win.

How to Identify Fake Invoices

Facebook and Google got hit by invoice fraud to the cost of $125M, and it was three years before the fake invoices were noticed. Three years!

No arsenal?

Gen AI tools are available to anyone. Including fraudsters. And, being criminals, they’re stealing from you.

To identify and protect against fake invoices you need to reduce the vulnerabilities that manual document processing exposes. You must be prepared.

Fighting AI-driven fraud with AI | Podcast

According to the Federal Trade Commission, Gen AI is being used to turbocharge fraudulent practices. The FBI said that scams like invoice fraud cost businesses more than $2.4 billion in 2021.

A brutal reminder that every advance in technology exposes chinks in our armour and hits us with new challenges. Are you ready?

The Buzz chats with Trustfull CRO - Alex Tonello - about how financial institutions should be using AI to fight fraud.

Accelerating AI Skills | Amazon Web Services

AWS has published a study, following a survey, on emerging AI usage trends in the workplace and the skills workers will need in the future.

It’s a cracking read, and an inescapable conclusion is that artificial intelligence cannot, must not, be ignored.??

As an employee, your career will be boosted if you demonstrate AI expertise. But, 73% of employers who consider hiring AI talent are experiencing difficulty hunting down qualified candidates. Where are you?

It’s time to gen up on AI.

The 5 Biggest Artificial Intelligence Trends For 2024 | Forbes

In 2023, Gen AI hit the ground running. As we’ve already said, it’s brought new challenges. But, it’s also creating intoxicating opportunities across every industry.

Identifying fraud in banking, predicting consumer preferences. Even creating new and innovative flavors in the food industry. Coca-Cola Y3000 is billed as “the first futuristic flavor co-created with human and artificial intelligence.”

Without question, Gen AI will play a key role for businesses in 2024.

From ethical AI to AI legislation, Forbes predicts the 5 biggest AI trends in 2024.

What Did We Do In 2023?

What Didn’t We Do?

First up, we launched our illustrious No More Fat Fingers newsletter. Your monthly bulletin on automated document processing, AI, and more. Share it with your colleagues so they can join the cool kids.

We partnered with the market leading ERP system to give you faster processing, reduced errors, and minimized risk. Our official partnership with SAP and the launch of an out-of-the-box SAP Certified integration with SAP S/4HANA Cloud helps you streamline document processing workflows by combining the IDP power of Rossum with SAP.?

We went live with our interactive platform demo. To give you a taste of how Rossum can transform your document processing workflows and unlock hidden value.?

We were named a Leader in the IDC MarketScape: Worldwide Intelligent Document Processing (IDP) Software 2023-2024 Vendor Assessment (doc #US49988723, November 2023). “Rossum’s software can extract accurate data at high input volume, which makes Rossum a good fit for critical document use cases.”

We introduced improved email functionality to help AP users communicate with suppliers while still in our platform. Speeding up the exception handling workflow and unblocking invoices.

There’s a whole pile of other exciting things from 2023. Look out for our recap post in January for all the deets.

Worked With Rossum And Like To Share Your Thoughts?

We rely on your feedback to help us meet your document processing expectations. Our prospects value your honest insights when looking to choose the best solution for their business. With this in mind, we’d love it if you’d share your review of Rossum.?

Thank you ??

One Last Thing!

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