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Complete Story
01/16/2020
6 security measures that protect your business
AZ Big Media
Most companies have experienced at least one instance of check theft, in which a bad actor washed a legitimate check and cashed it. Cases of check theft dipped in the early 2010s as companies and banks shored up their security. But according to the Association for Financial Professionals’ “Payments Fraud and Control Survey Report”, 82% of companies experienced fraud in 2018—the highest number in a ten-year period. The fraud was a blend of old-school check and new electronic payment security threats. This is because as companies adopt more processes for each payment type they utilize, another set of potential security threats also emerges.
Electronic payment fraud occurs most commonly when AP teams make changes to secure data—which, in this case, refers to data such as bank account information, remittance email addresses, and recipient names. Criminals hack into company emails and request to update legitimate vendor records with their own temporary bank account number.
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