Payments fraud prevention
5 essentials for effective payment fraud prevention
As fraudsters keep innovating and are becoming more active in an increasingly digitized world, it is time for corporates to ramp up payment fraud prevention measures. Around 80% of companies report in surveys that they have experienced one or more fraud and cybercrime attempts. Have you experienced payment fraud, too?
If fraudsters are clever – and they usually are – fraud attempts might go unnoticed. Finance teams are particularly challenged as they must handle hundreds or thousands of payments every month. Sounds familiar?
Read on to learn more about the risks for corporates and how you can best address the challenges posed through payment fraud. Explore our payment options that can offer additional security like fraud protection.
How fraudsters try to sneak in
Tackling the challenges
A guide on increasing payment security
A guide on increasing payment security Identifying any gaps in your processes and systems is an important starting point to reduce the risks of payment fraud. Do you have central transparency over payments enterprise-wide? Are 4-eye principles applied in your payment approval processes? Is the finance team aware of and up to date with potential fraud scams?
Addressing these questions is essential, as inconsistent processes, multiple e-banking tools, and lack of clear guidelines on what to do in case of suspicious activities pose great risks to companies. In 2020, organizations worldwide lost over $ 42 billion due to payment fraud according to PwC. Investing in people, processes, and solutions will help reduce the risk of payment fraud to a minimum.
Find some useful tips for building your own fraud prevention strategy in our eBook.
Solutions for stopping fraudsters right in their track
Serrala helps you prevent payment fraud before it happens.
We deliver solutions that put a safety lock on your outbound payments.
Enhance central payments control
Through an integrated view in one system
Harmonization and standardization
Through payment processes companywide
Fraud checks on every single transaction
No more manual random checks, but automated rule-based for real-time fraud detection
Flexible configuration and consistency
Approval workflows and authorizations.
Secure management of payments
Including 4-eye principle, encryption, segregation of duties, and two-factor authentication
Explore our payment solutions for SAP and for the cloud
Explore Serrala Fraud Monitor for SAP
Fraud attempts are difficult to detect by the human eye?
Not any longer! Discover our payment fraud prevention tool that automatically checks every single transaction for you and drastically reduces the risk of fraud! It comes with rule-based payment fraud screenings that reliably detect any suspicious payments. The Fraud Monitor works with our fully SAP S/4HANA embedded FS² Payments solution. Interested in finding out more?
Download our product sheet for the Serrala Fraud Monitor
for SAP.
How you benefit from automated
payment fraud detection
Never miss suspicious activities again.
Our fraud tools automatically check 100% of your payment transactions.
You will be efficient and save time.
Manually checking hundreds or thousands of invoices? The Fraud Monitor can handle that.
You will be in the driver’s seat.
Flexibly configure and control the fraud solutions to provide the highest protection for your company.
Optimized Configurations
With tight controls and automated checks, the risk of cash loss is reduced to an absolute minimum.
Optimally prepared.
When cybercriminals try to sneak in you have the tools to ward them off.
Contribute to overall business operations.
Making payment processes more secure adds to business continuity.
Further resources
Cash Pooling Impacted by Intercompany Accounting
How intercompany accounting can make or break your cash pooling model. Learn best practices for accuracy, compliance, and liquidity clarity.
You’re Doing Payments Wrong and It’s Costing You Control
Discover why centralized payments alone aren’t enough. Learn how payment on behalf of delivers true strategy.
KTC Group
Discover how KTC Group enhanced efficiency and cash flow by automating payment processes with Serrala’s solution in their SAP environment.