A service provider or trader can obligate deception by knowledgeably submitting false invoices or forged invoice Fraud. Their intention is to defraud, representing as a single entity or in conspiracy with contracting recruits because of corruption. “Duplicate invoices” are referred as invoices for services that are not provided.
It seems difficult to enumerate how much amount of money is misplaced in these type of frauds. However, existing reports suggest that it is an emerging problem leading to huge economical loss. According to report issued by FBI’s Internet Crime Complaint Center reports for forged invoice fraud received from Oct 2013 to Dec 2014 from every state of US in addition to 45 other countries. In total, 1198 sufferers of fake invoices jointly lost an amount of $179,800,000. Countries other than America mutually lost U.S currency of worth $35,220,000. Total loss of $215 million dollars reported across 46 countries in time span of 14 months.
Why forged invoice fraud?
Forged invoice fraud sent to victim in order to obtain money from enterprises and they target an enterprise based on their location and size to limit what dealers they use frequently like office supplies, cleaning etc. With obtained information, they generate deceptive invoices from service providers that look genuine.
As reports has shown false invoice fraud has led to huge economical loss all over the world. There is need of system for authenticity and verification of invoices to get rid of this crime. Major aim is to target multiple domains including medical and health care, business management and construction companies. Major objective is to target following issues:
- Detect forged area
- Detect type of forgery
To deal with such forgery issue artificial intelligence using Natural Language Generation (NLG) employed and CNN and LSTM of Deep learning learning architectures is also using here.
- Medical and Healthcare
- Business Management
- Construction Companies
- Government agencies