In honor of Halloween, we'll begin today's blog post with a scary story. 

Like all great scary stories, this story is based on real events. Be warned: this story is not for the faint of heart. By the end, the thought of invoice fraud will genuinely haunt you (if it isn't haunting you already). The good news is, there are ways to ensure you don't end up in a real-life invoice fraud nightmare.

According to the 2016 ACFE Report to the Nations, companies lose an estimated 5% of their revenue annually due to fraud.

A new year means a time for change, innovation, growth and betterment. We all set personal and professional New Year's resolutions — some resolutions we keep, some we break...some we never start. 

Do you know that companies lose an estimated 5% of their revenue annually due to fraud, according to the 2016 ACFE Report to the Nations?

We don't want you to be one of them.

Your payment system should have multiple levels of security, especially when used for issuing ACH (Automated Clearing House) payments. Fraud prevention along with fraud detection strategies embedded in your payment platform and processes should hinder the capability of a "lone wolf attack." In days gone by, companies might have been compelled to use a single computer in a room with closed circuit TVs to protect the business files.

Today there should still be levels of access built into your system and for your team to follow, and in honor of International Fraud Awareness Week, here are the seven best practices for payment fraud prevention: