A Vendor Guide to Avoiding Payment Fraud

You often see references to payers being victims when business-to-business payment fraud occurs. That’s understandable, given that they have been duped into sending a payment to a bad actor, or have a payment intercepted en route to a legitimate business.

Vendors are often overlooked in those discussions, but in truth, the impact is often even more severe for those on the receiving end of those payments that never show up. Business email compromise losses alone in 2022 tallied up to $2.7 billion in the United States, and that’s money that legitimate businesses aren’t able to use to grow, thrive, or simply survive in tough economic circumstances.

Because so much of the payment fraud discourse focuses on how payers can protect themselves, vendors can feel left out in the cold. This guide will improve your outlook and security by offering common sense tips for preventing fraud, advice that can help ensure your business doesn’t suffer the financial and reputational losses that fraudsters so desperately want to inflict on you.