B2B payment fraud is booming. IOFM’s preliminary 2023 benchmarking survey data indicates that nearly 50% of organizations have been fraud targets recently — and that only reflects the fraud attempts that have come to light.
While organizations can take steps to educate their teams and implement controls, experience indicates that resourceful fraudsters can still find a way around these measures. The key is staying alert and stopping fraud before it spirals out of control.
This month, we explore current fraud trends and real-life experiences, and offer some tips for protecting your organization from being scammed.
This month’s question:
What’s your take on the greatest fraud threat accounts payable faces right now? Do you have any advice for others about how to avoid getting scammed?
What's the deal with AI? If you didn't catch our Keynote presentation at AP Spring, you can watch it now on IOFM.com. Learn how AI can be a useful tool in the AP/AR professions, enabling your team to tackle complex tasks or even fraud attacks.
This recording is available to IOFM Members only. Non-Members can access the keynote recording at the conclusion of a Membership demo with one of IOFM's training advisors.
Tales From the FBI
The Federal Bureau of Investigation publishes a roster of crimes it’s prosecuted, including many payment fraud schemes. From embezzlement to straw companies to theft by paper check, unsuspecting companies are losing millions to internal thieves.
One AP manager awoke to discover his county government office had been shut down due to a ransomware attack. Despite rigorous internal safeguards, criminals had managed to take control of the main computer system and were holding it for ransom.
FREE WEBINAR: Pay the Right Vendor: Tips to Avoid Payment Fraud
Whether your vendors are paid via check, electronic or card payment method, fraudsters have figured out a way to divert those payments for fraudulent use. Join IOFM and Debra Richardson for this free, on-demand webinar where you will discover the latest social engineering tactics and what tools are available for you and your team to combat these tactics to prevent fraud.
Are You Fraud-Savvy?
When we talk about fraud, you’ll hear a lot of different terms being used, but do you know what they mean? Test your knowledge of the various schemes and buzzwords with this short quiz to see how you rate.
TAKE THE QUIZ
Tech Comes to Fraud
As technology becomes more sophisticated, so do scammers. They’re already harvesting online data to rip businesses off, but how long will it be before they tap into artificial intelligence? Learn about some of the more creative new types of fraud.