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Payments Fraud Prevention: Time to Increase Your Payments Security

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.

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How Fraudsters Try to Sneak In

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CFO Fraud Icon

CFO Fraud

Cyber-attacks pose great threats when fraudsters use fake IDs and documents and pretend to be decision-makers
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False Suppliers Icon

False Suppliers

Fraud criminals masquerade as suppliers and attempt to sneak smaller value payments through your payment runs
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Fake Invoices Icon

Fake Invoices

Invoices that look identical to real invoices might trick you in making payments to fraudsters

Payment Fraud Prevention: Tackling the Challenges

eBook: How to prevend B2B payments fraud

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
  • Fraud checks on every single transaction – No more manual random checks, but automated rule-based for real-time fraud detection
  • Secure management of payments including 4-eye principle, encryption, segregation of duties, and two-factor authentication
  • Harmonization and standardization of payment processes companywide
  • Flexible configuration and consistency of approval workflows and authorizations

Explore Our Payment Solutions for SAP and for the Cloud

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. 

Serrala Fraud Monitor for SAP

Serrala Alevate Fraud Detection in the Cloud

Serrala Alevate Fraud Detection in the Cloud

You need a fraud solution that helps you detect fraud attempts across systems? Cloud-based and easy to deploy, our Serrala Alevate Fraud Detection is a powerful tool for ensuring payment security. Gain insights, zero in on fraudulent behavior and tighten controls to keep your outbound payments safe. Find out more about the solution in our product sheet

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 in the driver’s seat. Flexibly configure and control the fraud solutions to provide the highest protection for your company
  • Optimally prepared. When cybercriminals try to sneak in you have the tools to ward them off
  • You will be efficient and save time. Manually checking hundreds or thousands of invoices? The Fraud Monitor can handle that
  • No more sleepless nights. With tight controls and automated checks, the risk of cash loss is reduced to an absolute minimum
  • Contribute to overall business operations. Making payment processes more secure adds to business continuity  

When we talk about fraud, there is so much activity that cannot be caught by the human eye. That is why fraud tools like our Fraud Monitor for SAP and our Fraud Detection for the Cloud are so important. They take a look at all the payments in your payment runs and check them against characteristics to catch anything that looks suspicious. That way they can stop payment fraud before it can go to the bank.

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Nancy Zhang

Nancy Zhang

Vice President Product Payments and Cash, Liquidity & Treasury, Serrala

74%

of businesses experienced fraud attempts

47%

are extremely concerned about cyber threats

$42

billion of losses overall were incurred by organizations

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