Is Fraud Inevitable With Automated Payments?

Posted on Oct 25, 2018 10:03:00 AM by Chad Clay

Payment Fraud Continues to Grow

The Association for Financial Professionals recently released the findings of their 2018 AFP Payments Fraud Survey, and the numbers were pretty startling: 78% of respondents reported that their companies had been victims of payments fraud in 2017, up from less than 75% the year before. The good news is that check fraud decreased slightly from 2016, but ACH fraud continued to be high, both for debit and for credit payments. A major source of this fraud is business email compromise, or BEC. It's clear that electronic payments are here for the long term, so what can users do to fight risk and ensure the security of their funds? Is fraud inevitable with automated payments?

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Topics: Payment Fraud, security

5 Ways Virtual Card Delivers Ultra-Secure Payments

Posted on Jun 26, 2018 9:58:56 AM by Tom Parrish

Virtual card payments are now used for more than $90 billion in transactions annually, yet for many potential users and their suppliers, payment fraud is a lingering concern. With good reason: If a company lacks a secure payment platform, payment fraud can be a routine issue in the AP department. In 2016 The Association for Financial Professionals reported the highest percentage of payment-related fraud since 2005, and stated that 75% of respondent companies had been victims of payment fraud. More recently, from January to March 2018 an estimated 1.4 billion records were compromised. Fortunately, the virtual card payment platform directly correlates to a decrease in compromised records.

We've long known that electronic payments like ACH and wire offered more protections than cash or check. But the advent of virtual card solutions has brought next-level security that is unmatched in the corporate payables and consumer spheres. Virtual credit cards offer many security benefits, protecting users from threats ranging from cyber-criminals hacking records to dishonest vendors attempting to invoice more than what is really owed. Single-use credit cards truly are the most secure way to pay. Here are five reasons why:

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Topics: SUGA, security, Payment Fraud

4 Tips for Data Security in Our Electronic Payments World

Posted on May 11, 2018 10:52:05 AM by Chad Clay

Data security for electronic payments is serious business in the world of B2B transactions. According to Infosecurity Magazine, close to 1.4 billion records were compromised in data breaches between January 1 and March 31 of 2018. Happily, these numbers - while still staggering - actually represent a significant decline from Q1 of 2017, which saw 1,442 incidents exposing 3.4 billion records. Here are four ways to make sure that downward trend in data security incidents applies to the electronic payments you make to your vendors:  

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Topics: security, Payment Fraud, SUGA

All Together Now: Combating Payment Fraud Takes a Team Effort

Posted on Jan 18, 2018 1:32:20 PM by Tom Parrish

Payment fraud is one of the most pressing dangers that organizations routinely face. The stakes are incredibly high: If you aren't careful, your organization may quickly lose thousands - even millions - of dollars to payment fraud. And though no executive expects to encounter fraud at the hands of a business partner or client, one should always be prepared for it. Your employees should be fully trained to recognize security risks, report them and take measures to combat them. This is one initiative that is truly a team effort.

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Topics: Payment Fraud, security

Don't Make This the Most Wonderful Time of the Year for Cyber-Thieves

Posted on Dec 7, 2017 12:05:00 PM by Chad Clay

Ah, the holidays: It's the most wonderful time of year - especially for cyber-thieves. In a season when many of us are spending a lot of time (and money) shopping, the convenience of credit cards is tempered by fears about payment security, especially when buying online. The rolling data breaches that have affected major retailers and apps like Uber that are heavily used during the holidays are Grinch-y reminders that easy payment forms can also be easily compromised. But as banks, retailers and Silicon Valley continue to seek consumer credit card security solutions, it's hugely reassuring to know that the Accounts Payable community is actually ahead of the curve in terms of protected payments.

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Topics: Payment Fraud, Payment Cards, security

With Fraud At All-Time Highs, How Secure Are Your Automated Payments?

Posted on Apr 20, 2017 9:25:00 AM by Chad Clay

 

Payment Fraud Skyrocketing

The Association for Financial Professionals recently released the findings of their 2017 AFP Payments Fraud Survey, and the numbers were pretty startling: Almost 75% of respondents reported that their companies had been victims of payments fraud in 2016, the highest reported percentage of payment-related fraud since 2005. 

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Topics: Payment Fraud, security

Cutting Costs, Boosting Security: 4 Ways Ecommerce Wins with Virtual Card

Posted on Jan 31, 2017 7:00:00 AM by Scott Songer

A recent article on PYMNTS.com highlighted how payment security concerns have helped fuel the explosive growth of virtual cards in the travel vertical. Over the last fifteen years, online travel agencies (OTA's) like Expedia and Orbitz have revolutionized travel planning by empowering consumers - and, increasingly, small to midsize companies - to book an entire suite of travel services at the click of a button. The ability to make airline, hotel, car, and even activity reservations without having to pick up a phone or visit a host of different sites is tremendously appealing to many leisure and business travelers.

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Topics: Payment Cards, Payment Fraud, Ecommerce, Rebates, security

Are More Secure Payments on Your AP Wish List This Holiday?

Posted on Dec 1, 2016 11:54:10 AM by Kontrol Team

Well, the holiday season is well and truly upon us. If you're like us, your personal credit cards are getting a major workout as you cross gift and other holiday purchases off your lists. For many consumers, the convenience of credit card payments at this time of the year is tempered by fears about the security of these payments, especially online. The massive security breach that affected shoppers at Target and other major retailers in December 2013 was a Grinch-y reminder that easy payment forms can also be easily compromised. 

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Topics: Payment Fraud, Payment Cards, security

Data Security in the Limelight: Top 5 Hacker Movies

Posted on Jul 28, 2016 7:30:00 AM by Kontrol Team

It's safe to say that data security is having a major moment in the popular consciousness. Between leaks of sensitive government and political information, and those massive corporate data breaches, hacking is no longer just the stuff of super-geeks in back rooms. It's come to the cultural fore. 

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Topics: Payment Fraud

The Best Way to Combat Payment Fraud? Avoid it.

Posted on Jun 19, 2014 6:30:00 AM by Chad Clay
Recent security breaches result in organizations taking aim at payment fraud.
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Topics: Kontrol, Electronic Invoicing, Virtual Payments, Payment Fraud, security