According to a detailed three-part survey of CFOs conducted by Ernst and Young*, CFO's feel now, more than ever before that there are four different initiatives or tasks they must perform in order to be effective. The importance of each of these four had become a higher priority compared to just three years earlier.

 

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National Cyber Security Day!

In 1988 Association for Computer Security created Computer Security Day to raise awareness of computer security issues.

Here at OnPay Solutions,we pride ourselves on offering our clients a way to automate their accounts payable process via completely secure, automated payment transactions that you control.  We are especially cognizant of ways to ensure safe payment activities and mitigate fraud risk. That being said, in honor of National Cyber Security Day, we thought we'd share some of the best easy-to-follow steps. * shared fom wiki.com

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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: