Can Online Fraud Damage Your Business?
Here’s a real-world example of how easy online fraud can be. One morning, your office manager clicks on an email that looks like it came from the IRS, but didn’t. Instead, it’s from cybercriminals, who infect her computer with malware. When she logs on to do online banking later that day, they get access to her sign-in information and password, which they use to make fraudulent automated clearinghouse (ACH) batch transactions. In seconds, criminals halfway across the globe wire more than $200,000 of your company’s hard earned money to accounts across Eastern Europe.
Sound like a scene from a spy novel? It’s not. Corporate account takeovers like this one are common. And they’re costly, with losses from a few dollars to hundreds of thousands of dollars per instance. Online fraud is sophisticated and widespread. And new scams and more devious schemes are always evolving.
But your company’s protected, right? Your bank would simply return the funds once you inform it about the fraud. Here’s the surprising fact that most business owners don’t know, or don’t want to acknowledge – no, your business is not protected.
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Finance professionals were surveyed on technology usage within the accounts payable function. This brief is a deep dive into the results.View Whitepaper