Quarterly Newsletter Q3 2004
The Fraud Issue
- The Rising Tides of B2B Payment Fraud
- Business Email Compromise (BED)
- Payments Fraud
- Corporate Account Takeover (CATO)
The Rising Tide of B2B Payment Fraud
Business payment fraud is increasingly prevalent, impacting companies of all sizes. According to the 2023 AFP Payments Fraud and Control Survey by JPMorgan, 84% of large businesses and 65% of smaller companies have encountered fraud.
Business Email Compromise (BEC)
Business email compromise alone led to $2.7 billion in losses in 2022, highlighting the growing sophistication of these attacks. Staying vigilant is crucial for safeguarding your business against business email compromise attempts and ensuring the security of your sensitive data. Strengthen your defenses by implementing robust verification protocols, providing comprehensive employee training, and enhancing your email security measures.
- Verify Email Addresses
- Delay Financial Transactions
- Enable Two-Factor Authentification
- Be Cautious Under Pressure
- Avoid Unsolicited Communications
Read more about fraud and best practices here.
Don’t wait for fraud to happen to you. Please contact Treasury Services to start protecting your business today!