In Asia, market liberalization pushes, coupled with changing customer behaviors and advances in technology, are forcing banks to move away from a product-centric approach to a customer-centric one where data

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A Comprehensive Guide to Preventing B2B Payments Fraud

The FBI reported that Business Email Compromise (BEC) and invoice fraud has cost U.S. businesses more than $2 billion between 2014 and 2019 through BEC scams. These events have been reported in all 50 states and in 177 countries.

If businesses and corporate finance professionals do not find a way to mitigate the risk of email and invoice fraud quickly, we could see twelve-figure losses in the not too distant future. That’s why we’ve created a comprehensive guide to help you reduce the risk of invoice and email fraud in 2021 and beyond.

First, we’ll take a look at the primary reasons why invoice and email fraud are on the rise, and then we’ll outline seven ways to avoid it. Like all things, protection starts by understanding the root cause.