The Growing Threat of Payment Fraud
Fraud is a very real threat to finance departments in today’s modern world. Do you know how to protect your business from the threat of fraud?
Kroll, the leading global provider of risk and investigative services, released the 10th Annual Edition Global Fraud and Risk Report. According to this report the incidence of fraud continued to climb. Overall, 84% of surveyed executives report their company fell victim to at least one instance of fraud in the past 12 months—whether check fraud or phishing scams. This represents a continuous rise since 2012.
This year’s Report addresses the diverse range of fraud-, cyber-, and security-related challenges that organizations are facing.
Executives offer an insider’s perspective on the nature of incidents their organizations have experienced, along with insights into the perpetrators and methods employed. They share specific steps taken to anticipate, detect, mitigate, and respond to an expanding and increasingly complex set of risks. These risks bring with them material consequences including potentially adverse financial and reputational impacts.
The good news? Paymerang can help.
From our inception, Paymerang has been working with companies around the US to protect against payment fraud. We securely enroll suppliers, encrypt data, use virtual prepaid cards, employ Positive Pay for checks, store information in a secure environment, and require secondary authentication for administrators using the website. We value our clients’ security and are always working to keep our clients protected.
Here are some additional security and compliance measures we have in place to protect our clients:
1. Your funds are held in an account managed by a publicly traded member FDIC bank. Funds are disbursed the same day you fund your batch. Virtual Account and ACH payments are funded immediately for processing. Checks are mailed out with Positive Pay to safeguard against check fraud. We manage reconcilement and follow up on outstanding payments. We promptly refund canceled or unclaimed transactions back to you.
2. All of your data is stored securely on our servers that are hosted at Amazon Web Services. Supplier bank account information is encrypted and tightly controlled. Our system requires two-factor authentication with a hardware security token to verify your identity.
3. We have numerous controls you can set with our software, including dual approval for all batches. You also control who is allowed to create batches, add suppliers and change addresses for suppliers. We only pay suppliers you have approved.
Want to learn more? Schedule a demo with us today!
