Why is Fraud on the Rise?
Massive breakthroughs in technology have led AP & AR departments out of the dark ages. Unfortunately, those same advancements have given fraudsters some advantages as well.
- 80% of businesses reported a successful fraud attack last year
- $12.5B has been lost in B2B payments fraud since 2013
- Fraud is expected to climb to $26B in 2020
The Good News:
Businesses are starting to catch on. Even though the move from risky and outdated payment methods in most finance departments has been slow, many finance professionals are looking at automation this year.
Over 75% of survey respondents polled last year expressed a strong interest in automating payments & invoices over the next three years.
Automation is the Key to Beating Fraudsters for Good
AP automation has been around for over a decade. Invoice automation offers tools like perfect matching and 4 level recognition to ensure that approver's are never duped into paying fraudulent invoices. Payment automation instantly shifts B2B payments away from archaic payment methods like paper checks and wire transfers. With more businesses fully automating their AP & AR processes, the day where B2B payments fraud is no longer a factor is right around the corner.