Skift Take
Everyone makes mistakes, but fraudulent expenses cost companies a lot of money. Travel platforms have a chance to step in and help.
The pandemic’s being blamed for a surge in the number of expense rookies, who are whipping out the company credit card for items like big-screen TVs and soundbars to furnish their “home office.”
It’s a markup on the desks and donuts expensed during the summer. Now one booking platform is wooing company finance teams with a new platform designed to pinpoint fraud.
Indian startup Itilite has decided to spend some of its $13 million Series B funding to break into the expense market, but it’s not the only one looking to help companies stem these types of losses.
Since the lockdown, many organizations will have added new categories to accommodate work-from-home expenses. Because of this, more employees are filing for reimbursements, including a lot of first-timers, which leads to unintentional fraud.
Hey, Big Spender
Fraud activity violations increased 57 percent in the third quarter of 2020, compared to the second quarter, according to spend platform Oversight. Spend at electronic, computer
