B2B fraud is prevalent in modern-day society, especially as we continue to evolve and adapt to the latest technology trends. Hackers and fraudsters continue to look for more creative ways to infiltrate companies like email schemes to steal valuable customer and employee information.
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f you don’t have a strategy to combat payment fraud in a B2B setting yet, now is the time to start building a defense system. If you continue to ignore the situation, you could fall victim to financial losses that involve multiple payments. The first step toward fraud prevention is creating the right payment processing strategy that actually benefits your business. You’ll need expert help that helps get your business on track and helps you enjoy perpetual savings. Check out these three ways to combat B2B payments fraud:
Conduct an overall technology assessment
Most company leaders don’t directly understand how vulnerable their companies are to payments fraud, which is why they need an expert assessment to help unpack more information. During the assessment, company leaders receive more in-depth information about what steps organizations should ensure payment details are safe and finalized.
It’s also helpful to understand how your business is protecting data in cloud storage. There must be certain user permissions, data encryption, and backup and recovery options. Don’t forget to keep a keen eye on your AP system because sometimes employees must enter in data manually and gain invoice approval via email, which opens the opportunity for a BEC attack.
Invest in credential designation
Credential designation makes it possible for employers to limit employee access to any systems where payments are created by separating payment creation from approval, according to Smart Business. When each stage of the payments process is better defined, you’ll eliminate any unauthorized transactions.
You’ll also increase your customer service because you’ll be able to easily change payments or account information quickly. Don’t forget to reconcile your accounts on a daily basis as well to make sure all balances add up and that both you and the business partner are on the right track.
Adust your work-from-home policy
Although working from home is becoming the norm within some organizations, it creates problems when employees are using their personal devices for authentication. This allows fraudsters to easily breach corporate networks and access internal databases by impersonating work-from-home employees. Be sure to be aware of this scam and adjust your work-from-home policies accordingly.
