04:05 GLOBAL
The Impact of AI on Payroll Fraud Prevention Payroll fraud is a concern for businesses of all sizes. From fake expense claims and altered timesheets claiming unworked hours to paying salaries to ghost employees, the prevalence of payroll fraud is alarming and according to the Occupational Fraud 2024 report by the Association of Certified Fraud Examiners (ACFE), these frauds generally last an average of 18 months before detection. T he report also shows that 32% of occupational frauds occur due to a lack
Manju Shetija is a seasoned expert in Global Payroll Compliance with over 17 years of experience, adept at managing and navigating the complex landscape of international payroll regulations. Based in Hyderabad, India, and currently serving as the Senior Director of Global Payroll Compliance at Akrivia HCM , she has a proven track record of ensuring compliance across diverse jurisdictions by leveraging her deep knowledge of local labor laws, tax obligations, and payroll systems. For compliance queries, she can be reached at manju.s@akriviahcm. com , or you can book her as a mentor through GPA Mentor portal . 08 I 04:05
methods which rely heavily on manual checks, are becoming less effective against modern payroll fraud. Incorporating AI into payroll systems can significantly enhance fraud detection, offering businesses more reliable and efficient solutions to protect their operations. Why Traditional Methods of Fraud Detection Are Often Ineffective Traditional payroll fraud
of internal controls and estimates that organisations face a median loss of $145,000 while the average loss per case is $1.7 million. However, the impact of payroll fraud is not merely financial, it can also damage an organisation’s reputation, wear down employee trust, and lead to legal repercussions. Traditional fraud detection
GLOBAL PAYROLL MAGAZINE ISSUE 10
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