How Can Financial Automation Protect You from Vendor Impersonation
In a recent article with ReadWrite, Paymerang CEO Nasser Chanda discussed how businesses are leveraging finance automation to mitigate fraud and better protect themselves from the growing threat of vendor impersonation.
What is vendor impersonation?
Vendor impersonation, in the simplest terms, occurs when a fraudulent actor attempts to impersonate a company with the purpose of defrauding that company’s clients. When a bad actor impersonates a vendor, the goal is to send fraudulent emails to that vendor’s clients in an attempt to update the payment or banking information that the client has on file for paying that vendor’s invoices. As a result, when the legitimate vendor sends genuine invoices to that client in the future, the client’s payments automatically send to the fraudulent account.
“While fraudulent email requests appear legitimate and harmless, one malicious email can severely damage the organization if an employee completes a fraudulent request,” said Nasser Chanda, CEO of Paymerang, one of the leading financial automation platforms that helps companies prevent and detect payment fraud.
With bad actors and schemes getting increasingly sophisticated, more than basic email security tools are needed. Finance automation lends finance departments an extra hand in the fight against fraud by adding additional email security measures and increased protocols like two-factor authentication. To learn more about how tools like these can help your company avoid falling for vendor impersonators and mitigate fraud, click here to read the full ReadWrite article.