Each day, financial institutions see hundreds of thousands of payments come in and hundreds of thousands of payments go out. And with humans still at the epicenter of these transactions–tasked with authenticating and authorizing payment is in fact going to the right vendo–businesses are left vulnerable to increasingly savvy fraudsters.
According to the Association of Financial Professionals, 81% of businesses reported a business payments fraud attempt in 2019 and the FBI cites business email compromise as one of the top cybersecurity threats with more than 23k complaints in 2019. Not to mention, COVID-related scams are on the rise. Yet the typical advice for businesses concerned with how to mitigate the risk of business payment fraud? Be careful. Businesses need more than a wish and prayer with an enemy as dangerous, not mention costly, as these fraudsters.