Did you know that 2%-5% of annual revenue could be lost to fraudsters? (Source: ACFE)
Moreover, 64% of companies reported an ERP breach in the last 24 months (Source: IDC).
The current work-from-home environment makes your business more vulnerable.
As more organizations maintain remote workforces and payment operations, cyber-criminals have more opportunities to attack and businesses find themselves more vulnerable to B2B payment fraud.
Moving to a remote workforce exacerbated the difficulty of positively verifying banking details and ensuring payments are only made to valid bank accounts.
This is one of the key findings in the FinTech Risk Management Playbook: Combating B2B Payments Fraud. In collaboration with PYMNTS we examined the growing payment fraud risks organizations face, and how businesses can leverage best practice processes & technology to continuously verify payment details and secure their payments while operating remotely.
To learn more about mitigating the growing risk of B2B payment fraud, download the playbook.