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?

more

Topics: Payment Fraud, security

Cost Center to Cost Saver: Using Accounts Payable To Drive Cost Savings

Posted on Jul 26, 2018 10:35:00 AM by Tom Parrish

 

Summer vacation season may still be in full swing, but many of us are already looking ahead to the fall and our end of year financial goals. Did you know your accounts payable - historically a cost center - can actually drive your organization's cost savings? By shifting from resource-intensive approaches to more efficient, effective and secure payments, your AP can move from cost center to cost saver. Here are the top five ways your accounts payable process can help reduce costs all year 'round:

more

Topics: Cost Savings, Rebates, Virtual Payments, 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:

more

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:  

more

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.

more

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.

more

Topics: Payment Fraud, Payment Cards, security

Top 5 Ways to Maximize Cost Savings Through Your AP Process

Posted on Nov 21, 2017 9:43:00 AM by Tom Parrish

Thanksgiving marks the middle of a season of abundance: Halloween to New Year's Day sees abundant good food, abundant good company, and abundant good cheer. It's a wonderful time. Of course, with this abundance comes abundant costs, and our January bank statements can be a bit of a shock. Many of us find ways to make that post-holiday shock a bit less painful - shopping throughout the year for holiday gifts, chasing sales, making gifts, and clipping coupons. But are you doing the same to maximize your organization's cost-savings? Here are five ways your accounts payable process can help reduce costs all year 'round:

more

Topics: Cost Savings, Rebates, Virtual Payments, security

The History of PCI Data Security Standard (DSS)

Posted on Sep 28, 2017 8:02:00 AM by Chad Clay

Every business owner should learn the history of PCI DSS (Data Security Standard). This is knowledge that you need to make sure that every transaction you conduct with customers and business partners is fully secured. The DSS has been specifically engineered and established for just this purpose. It has evolved over the past 13 years to meet rising security challenges from increasingly sophisticated cyber-criminals. However, its basic function - to ensure proper security for business credit card transactions - remains the same as when it was first introduced.

more

Topics: security, PCI compliance

Improving Accounts Payable Processes in 5 Easy Steps

Posted on Jun 8, 2017 8:24:00 AM by Tom Parrish

Would you believe that accounts payable processes can be dramatically improved in just five steps? A few simple procedures can enable you to smooth out efficiency issues, reducing the amount of time spent on each individual invoice. Following these readily implemented fixes will enable you to save a great deal of time, effort and money in the long run.

more

Topics: Electronic Invoicing, Virtual Payments, security, Payment Cards

Why Use Virtual Card for B2B Payments If You're Already Using ACH?

Posted on Jun 1, 2017 8:49:00 AM by Chad Clay

So you're thinking about going paperless with your payments. Great. Now how do you decide which electronic format is best for your organization?

more

Topics: Payment Cards, security, Virtual Payments, Automated Clearing House