With business interruptions to our current environment, it has become increasingly important to be cautious in our daily activities. This is especially true when it comes your business - knowing how prevalent payments fraud is can help mitigate the risk of becoming a target. Respondents to the Association of Financial Professionals (AFP) 2021 Payments Fraud and Control Survey Report shared that:
It’s no longer a matter of “if,” but rather “when” payments fraud will impact your business.
Unfortunately, many businesses discover the hard way that paper checks are not secure and therefore, are easily compromised. As fraudsters continue to attack a company’s payment systems, it’s imperative to not be complacent and take necessary preventative measures. When it comes to making check payments, businesses report using the following tools and processes:
Businesses can gain peace of mind, mitigate the risk of fraud and potentially avoid financial loss by making a few changes to protect their payment process. At a time when scammers are taking advantage of unprecedented weaknesses, just a few precautions can make all the difference. Because a significant number of employees were working remotely in the last year, organizations altered their check issuance process, reduced the use of checks, outsourced to an external party/bank and transitioned to more electronic payments via ACH.
Check payment fraud can be reduced, if not avoided completely, by understanding the prevalence and threat of fraud and recognizing prevention as an ongoing, critical business strategy. Financial products, services, and fraud prevention tools and resources are available.
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Association for Financial Professionals: 2021 Payments Fraud and Control Survey Report
As with all serious financial topics or decisions, be sure to consult with a trusted financial advisor beforehand. The content here is for educational purposes only and is not meant to serve as any sort of advice or endorsement.
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