4 Real-life Examples for Effective Fraud Prevention in B2B Payments
Has your organization experienced payment fraud or faced attempted cybercrime? Recent analysis suggests that 71% of companies surveyed experienced some form of fraud during the last two years, while many business leaders were failing to fully understand their exposure to financial risk.
To tackle the problem effectively today’s businesses must act decisively and quickly. Start by identifying potential gaps in your organization’s processes and systems and establish central visibility over all organization-wide payments. Also, ensure that 4-eyes principles are applied across your entire payments approval process and that your finance team is aware of the latest fraud scams.
The good news is that the rate of fraudulent activity and financial crime in general has stabilized since 2018. This is largely due to organizations having introduced policies, processes and training that enhance their defenses against fraud and cybercrime. But this comparative decline is also the result of anti-fraud technology, as well as more robust internal controls and reporting.
To discover more about the various types of payments fraud and how you can protect your organization against financial crime, watch our latest fraud prevention video. Our experts will give you an overview of the Serrala Fraud Monitor solution, as well as discuss real-life customer examples and best practices to strengthen your protection against cybercrime.