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08/04/2024
How Paperless B2B Payments Are Reducing Fraud in Business Transactions
PYMNTS
If all goes well, the future of business processes won’t look anything like its past.
And that holds particularly true in business-to-business (B2B) payments, where the past — and even the present — is riddled with manual processes, paper-based workflows and legacy inefficiencies. And those three realities can ladder up to one big problem: payments fraud.
“A lot of fraud is in the checks. If you cut out checks, you cut 60% of fraud right there,” Ernest Rolfson, founder and CEO of Finexio, told PYMNTS for the series, “What’s Next in Payments.”
“It’s crude and manual … but to not send paper checks, you have to have great electronic options to make it easy to not send or receive paper checks,” Rolfson said, noting that Automated Clearing House (ACH) fraud is also a growing problem area, as fraudsters get better at exploiting the outdated security features of ACH.
“ACH is a 50-plus-year-old technology that is completely bare bones and has little to no security methods around it,” he said.
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