Five Resolutions For Shielding Your Business Against B2B Payment Fraud
Dec 27, 2023 - forbes.com
The article discusses five resolutions to mitigate B2B payment fraud. The first resolution is to strengthen internal controls by enforcing segregation of duties and using automated tools for continuous monitoring. The second is to improve employee training programs to help them identify and report potential fraud. The third resolution is to invest in supply chain security to protect against supply chain attacks. The fourth is to establish better bank account validation processes to confirm the legitimacy of bank accounts. The final resolution is to leverage AI technology for better security, as it can help protect business payments and detect suspicious activities.
The article concludes by emphasizing the importance of taking a proactive stance against B2B payment fraud. It suggests that businesses should adopt a multifaceted approach that combines internal controls, employee education, and new processes and solutions to mitigate the challenges of supply chain management, bank account validation, and payment security. Continuous improvement and adaptation are key to financial security.
Key takeaways:
Strengthening internal controls, such as enforcing segregation of duties and conducting regular internal audits, can significantly reduce the risk of B2B payment fraud.
Investing in comprehensive training programs for employees can help them identify and report potential fraud in the B2B payment process.
Securing the entire vendor supply chain cycle and establishing better bank account validation processes are crucial to prevent fraud.
Leveraging AI technology can help protect business payments, streamline complex processes, and reduce overhead costs.
