Receipt fraud occurs when someone intentionally creates fake receipts to falsely claim purchases. In this era where document fraud is increasing, fake receipts are becoming a serious concern for businesses. Both digital and printed receipts can be easily manipulated today. Commonly, fraudsters use this type of fake documents to trick businesses into overpaying or approving expenses that don’t actually exist.
Thus, we will show you how to catch them earlier before they lead to problems. Also, discover the best tool you can implement to automatically check incoming receipts in your business.
Fake Receipts vs Real Receipts
Today, manipulated documents can look so convincing that you might trust them at first glance. This is why a careful review of every document is important. Take a closer look at these comparison to see how you can spot the differences.
- Logos and Branding: Real receipts have consistent logos, fonts, and formatting in the entire document. Fake receipts, in contrast, commonly contain low-resolution logos or inconsistent branding
- Vendor Details: Real receipts always include valid store names, addresses, and contact information, while the fake ones might have mismatched addresses or be missing important details.
- Transaction Information: Real receipts match actual transactions in date, time, and amounts. On the other side, unusual totals, items, or repeated patterns are suspicious.
- File Properties: Digital receipts from real sources have legitimate metadata. Fake receipts may have edited PDFs or image files.
Common Cases of Fake Receipts
Prevent potential financial loss by understanding where this document fraud are commonly found. Here are typical receipt fraud scenarios to watch for:
- Employee Reimbursement Fraud: Watch carefully for the possibility of fake transaction proof being submitted to claim a higher reimbursement amount.
- Supplier Fraud: Fraudsters create fake document that imitate legitimate suppliers to request larger payments or unauthorized funds.
- Duplicated Documents: Previous receipts that slightly altered or reused multiple times to claim repeated reimbursements.
The Fastest Way to Spot Fake Receipts
Checking receipts for fraud manually is no longer reliable as subtle fraud signs, especially in digital files can be easy to miss. To detect fake documents accurately, leverage AI-powered tools like Fintelite. Fintelite’s document forensic feature is designed with the capability to analyze metadata files and document appearance.
How to spot fake receipts with Fintelite?
- Upload your document: Drag and drop your receipt, or select it from your device.
- Let Fintelite work: Fintelite AI analyzes the receipt for any inconsistencies, alterations, and signs of forgery in metadata files.
- See the result: Fintelite alerts you to suspicious elements in your document that indicate potential fraud.
With Fintelite, every fake document can be flagged. Customize fraud metrics to match your company’s risk tolerance. Automate document fraud detection now.
