The fight against fraud can neither be ignored, nor won. Over half of North American companies experienced fraud and/or economic loss within the last 24 months, a 50 percent increase from incidents reported in 2016.1 While fraud can take many forms, from asset misappropriation to cybercrime, it continues to attack companies from a multitude of directions. When it comes to payments, paper-driven processes and checks are still the number one form of business payment fraud,2 but as technology advances, an upsurge in electronic fraud schemes are appearing in an increasingly digital financial environment.
Criminals have adapted new ways to exploit system weaknesses with advanced phishing schemes, business email compromise, and other creative fraud plots. Fraud prevention should play a leading role in your organization’s payment strategy, meaning that understanding common types of fraud, the risks involved, and the best prevention measures has never been more important.
Attacking fraud includes deploying process and technological solutions while boosting the portion of payments sent electronically. It involves working with a team who understands your business, the threats and countermeasures to defend against those threats and how to guide you through recovery from a fraud event. The SunTrust OneTeam Approach® delivers end-to-end financial solutions that help simplify financial management and point to ways your business can grow and succeed, while making suggestions about systems and payment methods that can help reduce your fraud risk. Visit the Fraud Protection section of the SunTrust Resource Center for the latest strategies.
Businesses of all sizes are at risk for fraudulent activity, especially when their cash flow relies on paper payments. In total, 82 percent of organizations have experienced actual or attempted fraud, with one-third of those companies reporting an increase in fraudulent activity and less than 10 percent reporting a reduction in fraud.2