Your Bank’s Customers Need Invoice Automation to Mitigate the Risk of Check Fraud
It’s no secret that manual processes are prone to mistakes. And mistakes can lead to fraud especially when it comes to your B2B payments. Payment automation is about more than efficiency, it’s about reducing manual tasks performed by finance teams.
According to a survey by the Association of Certified Fraud Examiners (ACFE), nearly 70 percent of corporate respondents reported having been victims of check fraud.
The study also cited that asset misappropriation was by far the most common form of occupational fraud, occurring in more than 83 percent of cases reported in that category. Among the various forms of asset misappropriation, billing schemes and check tampering schemes posed the greatest risk based on their relative frequency and median loss.
The Opportunity for Invoice Automation To Help Mitigate Check Fraud
Fraud is prevalent and there is no process or solution that will truly prevent it altogether. But your bank can offer technologies, such as automated business bill pay solutions, as well as increased auditing and oversight, that will make a real difference for your commercial clients.
Invoice and payment automation, in particular, helps reduce exposure to fraud and delivers financial benefits. Your commercial clients reduce the cost and time required to pay outstanding invoices, recoup early payment discounts, and realize many more benefits just by switching from manually payment processing to automated bill pay.
As a bank with commercial client relationships, you have a real opportunity to grow your revenue and loyalty by offering products that have solve a problem your clients have, such as fraud.
Learn more about MineralTree solutions for banks.
ABOUT THE AUTHOR
Cindy Wen is Vice President of Strategy and Marketing for the Global Financial Solutions organization at First Data. In this capacity, she manages strategic projects and initiatives and leads all marketing efforts for the business in North America. She also oversees the First Data/MineralTree partnership as head of Invoice-to-Pay. First Data Global Financial Solutions provides credit & retail card processing, loans processing, print production, plastics personalization, and account support services that enable financial institutions and non-bank issuers such as consumer lenders to offer financial products to their customers.
Previously, she worked in retail card services at Saks Fifth Avenue, where she oversaw the marketing for the Saks Fifth Avenue credit portfolio as well Saks’ promotional financing and gift cards programs in conjunction with the SaksFirst Loyalty Program. She has also worked at Citi in a variety of roles including Foreign Exchange and Treasury & Trade Solutions within Citi’s Institutional Clients Group.
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