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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

#21

Post by trenchpilgrim »

embedding-shape wrote: post #16
trenchpilgrim wrote: post #6

Earlier quoted context omitted.

> 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…

In my employers case they issue everyone a company card that has expense policies built in (it literally won't let you spend outside of policy). If you need to do a personal card expense it needs multiple levels of approval.

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

#22

Post by calmworm »

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…

Why would you get hate for it, because you are promoting cryptocurrency and conflating it with blockchain?

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

#23

Post by embedding-shape »

rafaelmn wrote: post #19
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

> digital currencies - not crypto currencies

Are those "digital currencies" not using cryptography? If so, they're a cryptocurrency, regardless how centralized or not they are. See Tether for an example of a centralized "cryptocurrency" (not "digital currency").

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

#24

Post by maxerickson »

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".

If it's daily, why not just do a per diem and forget about tracking it?

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

#25

Post by AtlasBarfed »

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…

It's just going to make gold all the more valuable

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

#26

Post by ghaff »

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".

I basically got out before this was a requirement but, yeah, to the degree that routine employee fraud becomes a material issue, locking things down becomes a grumble, grumble thing but it's just what companies will do.

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

#27

Post by embedding-shape »

calmworm wrote: post #22
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…

Why would you get hate for it, because you are promoting cryptocurrency and conflating it with blockchain?

Because any time you mention cryptocurrencies and/or blockchain, you end up with a ton of replies that either argues completely different points, or misunderstand how things work, especially on HN.

Your reply is a good example. I said "I'm not arguing that things will be better with cryptocurrencies" and you say "because you are promoting cryptocurrency". I'm sure some people like this way of conversing, but for me it's exhausting, like what's the point?

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

#28

Post by trenchpilgrim »

embedding-shape wrote: post #23
rafaelmn wrote: post #19

Earlier quoted context omitted.

You mean digital currencies - not crypto currencies. And yeah they are already pushing for this for a long time already

> digital currencies - not crypto currencies Are those "digital currencies" not using cryptography? If so, they're a cryptocurrency, regardless how centralized or not they are. See Tether for an example of a centralized "cryptocurrency" (not "digital currency").

> Are those "digital currencies" not using cryptography? If so, they're a cryptocurrency, regardless how centralized or not they are.

By this logic buying something on Amazon in USD, or doing a bank transfer from a Wells Fargo account to a Bank of America account, or paying a water bill is using a cryptocurrency hahaha

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

#29

Post by embedding-shape »

maxerickson wrote: post #24
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".

If it's daily, why not just do a per diem and forget about tracking it?

Many companies are penny-pinchers and can't stand the thought of some people getting more than they actually spent. I don't know either, and couldn't stand working in such companies, but I've definitely contracted for companies like that and it seems miserable.
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