It’s not hard to find stories about the devastating impact of accounts payable fraud. In fact, Strategic Treasurer notes in its 2022 fraud report that AP departments are the most vulnerable to email scams, with 73% listing it as their number one fraud concern. In 2023, businesses suffered $3.4 billion in business email compromise losses, per the NASDAQ/Verafin Global Financial Crime Report.
If it seems like payment fraud cases are increasing, it’s because they are. AP teams are more vulnerable than ever, with business email attacks shooting up nearly 23% in the last year alone. Fraudsters are becoming ever more resourceful and constantly crafting new ways to get ahold of critical data right under your nose, like:
- Tricking AP staff into handing over login credentials
- Hacking mobile devices to gain access to a victim’s email and financial accounts
- Posing as a legitimate and trusted vendor to request payment into a scam bank account
The good news is that the more we know about these fraudsters, the better we can arm ourselves against their attacks.
Download this whitepaper to explore three real-life cases of how AP staff have fallen victim to fraud schemes and five steps you can take to prevent B2B payment fraud within your organization.
"While it's always important for your team to remain on guard when it comes to fraud, technology is your best weapon when it comes to protecting your business - and your cash," says Royce G. Morse, IOFM Managing Editor
