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U.S. companies may lose up to $373 million annually to just one payroll scam known as buddy punching. It’s a real problem. Paychex, a leading provider of payroll, HR and related services, recently installed Iris ID biometric readers in its latest time and attendance system to increase accuracy, speed and eliminate buddy punching at the time clock.

Josh Mazza, Paychex product manager, discusses how the new system works.