Time to Increase Your Payments Security
5 Essentials for Effective Fraud Prevention
As fraudsters keep innovating and are becoming more active in an increasingly digitized world, it is time for corporates to ramp up 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 fraud. Explore our payment options that can offer additional security like fraud protection.
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How Fraudsters Try to Sneak In
CFO Fraud
False Suppliers
Fake Invoices
Tackling the Challenges
A Guide on Increasing Payment Security
Identifying any gaps in your processes and systems is an important starting point to reduce the risks of 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 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 Serrala Fraud Monitor for SAP
Prevent fraud before it happens!
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 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