Hackers, the dark web, and ransomware are all words that drive fear into the hearts and minds of IT teams across the world.
These criminals and their illegal behavior can be the difference between just another day at the office and a very long and challenging battle.
But these threats aren’t the only things placing your business at risk. There is just as much danger inside your organization as there is on the outside.
Internal payment fraud – also known as occupational fraud or asset misappropriation – is recognized as an illegal activity that occurs from within your business, resulting in an unauthorized payment.
Some common examples of payment fraud include payment diversion, fake vendor fraud, fraudulent refunds, and ghost payroll. Importantly, it doesn’t matter what size your business is – you are still vulnerable to these types of threats.
Add to this your external threats, which include CEO fraud, bank mandate fraud, invoice fraud, and malware, and it’s clear – nowhere is safe, or at least risk-free.
While your entire payments chain represents several potential links of vulnerability for these threats, it is essential to fully assess the most significant risk areas you face.
To help you navigate the risks associated with payment processing and fraud at your business, we’ve put together this simple guide.
This guide will help you spot the real danger and inform you on ways to use hands-off approach in dealing with external threats to your organization.
Stopping fraud at the source rather than detecting symptoms of illicit activity should always be your number -one objective. With this in mind, you’ll get to learn that prevention is key to avoiding fraud.
Next, you’ll get to learn that while using automation throughout your payments process removes the main opportunities for financial fraud in the first place, there are also solutions available on the market today that provide extremely powerful monitoring and detection capabilities.
You can non-invasively monitor, replay, and analyze user behavior across multiple channels, to automatically detect and flag suspicious activities – block suspected payments.