Infographic: Trends in Payments Fraud

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Payments fraud incidents decreased in 2021 according to the latest survey results from the Association for Financial Professionals and JP Morgan, but the threat still affects most businesses who responded to the survey. Email scams were the most common method used to defraud businesses and Accounts Payable Departments were the primary target.

payments fraud
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See Our Full Report on the Survey »

Protect Your Business

Accounts Payable departments process most B2B invoices, making them a top target for scammers. Below are other important steps to take to secure invoice processing against fraud. For complete details, click "See Our Full Report on the Survey" above.

  • Create policies to check any changes to existing invoices, banking info and contact information on invoices
  • Live confirmation– check any requests for funds transfers by picking up the phone contacting the vendor directly
  • Create an approved list of contacts at your vendors instead of trusting numbers listed in an email 
  • Implement controls around payments initiated by emailed invoices
  • Create a policy requiring a signature from a senior manager for any payments over a threshold amount of your choosing 
  • Implement current best-practices for user authentication and tracking to access for your payments system 

Preventing Fraud for Dynamics GP Users with AP Automation 

With the a robust Accounts Payable Automation solution for Microsoft Dynamics GP, GP users are better equipped to enact controls to prevent the most common methods of payments fraud. AP software can also help secure your payments against internal and external fraud in the following ways. 

  • Prevent false billing, fraudulent payments and reporting fraud by aligning security and payments teams on one solution with user-based approvals and time stamping for audit traceability/approvals tracking, as well as customizable workflow management controls. 
  • Prevent phishing and duplicate payments with built-in detection, prevention & security 
  • Reduce reporting fraud by integrating payments software directly with your accounting software to eliminate manual data entry. 

Fidesic AP for Free

Fidesic for Free is exactly what it sounds like. Get started with self-setup at no cost. This is not a trial, but a basic entry level automation solution.

What's included:

  • 1 Company
  • 3 Users
  • 50 Invoices
  • Unlimited Payment Approvals

LEARN ABOUT FIDESIC FOR FREE FOR DYNAMICS GP

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