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'Do not trust your eyes': AI generates surge in expense fraud

ft.com

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Re: 'Do not trust your eyes': AI generates surge in expense fraud

#11

Post by embedding-shape »

spankalee wrote: post #10
embedding-shape wrote: post #5

I'd probably get hate for this or whatever, but things like this is why it's inevitable that businesses and governments will eventually force cryptocurrencies on people, because then purchases/expenses/bills and anything else can be tracked fully across the spectrum. I'm not for it, don't want it, but I can't help myself but to see that as the future, as fraud ramps up even more, gets cheaper and businesses feel they…

The much more easy thing is that they reimburse you only for what you charge to the company card. This is much more feasible now than it was even 10 years ago.

How much does it cost a business to manage say 10K company cards, maybe even globally? Sounds like a huge hassle, compared to "Send us a photo of your lunch receipt each day then at the end of the month we reimburse you".

Re: 'Do not trust your eyes': AI generates surge in expense fraud

#13

Post by trenchpilgrim »

spankalee wrote: post #10
embedding-shape wrote: post #5

I'd probably get hate for this or whatever, but things like this is why it's inevitable that businesses and governments will eventually force cryptocurrencies on people, because then purchases/expenses/bills and anything else can be tracked fully across the spectrum. I'm not for it, don't want it, but I can't help myself but to see that as the future, as fraud ramps up even more, gets cheaper and businesses feel they…

The much more easy thing is that they reimburse you only for what you charge to the company card. This is much more feasible now than it was even 10 years ago.

Indeed, my employer provides everyone who needs to travel or expense a company card that only works when you are actively traveling and knows your spending policies, what places you're expected to be, etc.

I have had to occasionally expense something on a personal card and I had to get multiple levels of manager approval afterwards (not difficult, just explained the circumstance to them.)

Re: 'Do not trust your eyes': AI generates surge in expense fraud

#14

Post by trenchpilgrim »

embedding-shape wrote: post #11
spankalee wrote: post #10

Earlier quoted context omitted.

The much more easy thing is that they reimburse you only for what you charge to the company card. This is much more feasible now than it was even 10 years ago.

How much does it cost a business to manage say 10K company cards, maybe even globally? Sounds like a huge hassle, compared to "Send us a photo of your lunch receipt each day then at the end of the month we reimburse you".

My employer contracts with a vendor that manages them. It's not expensive or difficult anymore. Even individual consumers can mint "virtual cards" with different time-based or merchant-based spending policies and limits for free, since like five years ago now. (https://www.capitalone.com/learn-grow/money-management/what-...)

Re: 'Do not trust your eyes': AI generates surge in expense fraud

#15

Post by thrance »

embedding-shape wrote: post #5

I'd probably get hate for this or whatever, but things like this is why it's inevitable that businesses and governments will eventually force cryptocurrencies on people, because then purchases/expenses/bills and anything else can be tracked fully across the spectrum. I'm not for it, don't want it, but I can't help myself but to see that as the future, as fraud ramps up even more, gets cheaper and businesses feel they…

That's already accomplished by centralized ledgers, at a tiny fraction of the cost.

Re: 'Do not trust your eyes': AI generates surge in expense fraud

#16

Post by embedding-shape »

trenchpilgrim wrote: post #6
embedding-shape wrote: post #5

I'd probably get hate for this or whatever, but things like this is why it's inevitable that businesses and governments will eventually force cryptocurrencies on people, because then purchases/expenses/bills and anything else can be tracked fully across the spectrum. I'm not for it, don't want it, but I can't help myself but to see that as the future, as fraud ramps up even more, gets cheaper and businesses feel they…

> because then purchases/expenses/bills and anything else can be tracked fully across the spectrum. Traditional banking already does this very well in most countries, through centralized systems with multiple redundant tracking and audit methods. Furthermore, crypto transaction fees are ludicrously high by comparision, and rarely offer the combination of "fast transactions" and "undo button" that traditional banking…

> Traditional banking already does this very well in most countries, through centralized systems with multiple redundant tracking and audit methods

So how does traditional banking solve the very problem the submission article is about? Companies seem to say this is an issue today, some seeing 15% fraudulent receipts, if traditional banking did these things well, why are these companies still seeing these issue?

Again, I'm not arguing that things will be better with cryptocurrencies, just that if we suddenly see companies and governments urging people to adopt cryptocurrencies, I'd totally understand why, although I'd push against it as much as I could.

Re: 'Do not trust your eyes': AI generates surge in expense fraud

#17

Post by kaonwarb »

embedding-shape wrote: post #11
spankalee wrote: post #10

Earlier quoted context omitted.

The much more easy thing is that they reimburse you only for what you charge to the company card. This is much more feasible now than it was even 10 years ago.

How much does it cost a business to manage say 10K company cards, maybe even globally? Sounds like a huge hassle, compared to "Send us a photo of your lunch receipt each day then at the end of the month we reimburse you".

Likely less than the sum of costs and losses associated with verifying photos of receipts.

Re: 'Do not trust your eyes': AI generates surge in expense fraud

#18

Post by exhibitapp »

embedding-shape wrote: post #11
spankalee wrote: post #10

Earlier quoted context omitted.

The much more easy thing is that they reimburse you only for what you charge to the company card. This is much more feasible now than it was even 10 years ago.

How much does it cost a business to manage say 10K company cards, maybe even globally? Sounds like a huge hassle, compared to "Send us a photo of your lunch receipt each day then at the end of the month we reimburse you".

You have this flipped. Expense management systems with embedded company cards are an order of magnitude easier to managed and reconcile than dealing with thousands of employees' personal expenses and payouts

Re: 'Do not trust your eyes': AI generates surge in expense fraud

#19

Post by rafaelmn »

embedding-shape wrote: post #5

I'd probably get hate for this or whatever, but things like this is why it's inevitable that businesses and governments will eventually force cryptocurrencies on people, because then purchases/expenses/bills and anything else can be tracked fully across the spectrum. I'm not for it, don't want it, but I can't help myself but to see that as the future, as fraud ramps up even more, gets cheaper and businesses feel they…

You mean digital currencies - not crypto currencies.

And yeah they are already pushing for this for a long time already

Re: 'Do not trust your eyes': AI generates surge in expense fraud

#20

Post by embedding-shape »

trenchpilgrim wrote: post #14
embedding-shape wrote: post #11

Earlier quoted context omitted.

How much does it cost a business to manage say 10K company cards, maybe even globally? Sounds like a huge hassle, compared to "Send us a photo of your lunch receipt each day then at the end of the month we reimburse you".

My employer contracts with a vendor that manages them. It's not expensive or difficult anymore. Even individual consumers can mint "virtual cards" with different time-based or merchant-based spending policies and limits for free, since like five years ago now. ( https://www.capitalone.com/learn-grow/money-management/what-... )

> Even individual consumers can mint "virtual cards" with different spending policies (see Capital One Eno) for free.

That's something else, isn't it? Or how do you pay with those at a typical POS terminal at a random lunch place?

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