Since businesses began moving to a remote environment at the start of 2020, accounts payable teams have spent a significant amount of time ramping-up their ACH payments. Working from home has made it harder to get payments out to suppliers efficiently and securely.
The increased pressure on AP, combined with weak network security and unfamiliar remote workflows, left an opening for fraudsters to take advantage of the chaos. In the September 2020 edition of the Fraud in the Wake of COVID-19 Benchmarking Report, the ACFE (Association of Credentialled Fraud Examiners) reported that 90 percent of over 2000 respondents had seen increased cyber fraud during the July-August 2020 time period.