How to Mitigate the Risk of Payment Fraud in the New Reality

The shift to remote and hybrid working environments has created new operational challenges and new risks for AP departments. Bad actors are seizing upon the operational disruption to adapt their tactics and exploit human weaknesses. Increasingly sophisticated BEC and phishing schemes and other cyberattacks divert supplier payments and compromise financial activities. To reduce their risk of payment fraud losses in this new reality, businesses need a multi-pronged strategy that combines ongoing employee training, but the shift to remote working isn’t the only reason that AP departments are automating. The shift to remote and hybrid working environments has created new operational challenges and new risks for accounts payable departments. Bad actors are seizing upon the operational disruption to adapt their tactics and exploit human weaknesses. Increasingly sophisticated BEC and phishing schemes and other cyberattacks divert supplier payments and compromise financial activities. To reduce their risk of payment fraud losses in this new reality, businesses need a multi-pronged strategy that combines ongoing employee training, strong internal controls, data security, and virtual cards.   Corpay helps you mitigate today's fraud challenges with:

• Ongoing training

• Strong internal controls

• Data security

• Virtual cards