PYMNTS-MonitorEdge-May-2024

Invoice Fraud

Invoice fraud is when fake invoices are sent to targeted businesses in an attempt to extract money from companies with vulnerabilities in their accounts payable processes.

Source: blog.procurify.com

Invoice Invasion: Defending the Finance Department From Hidden Fraud Risks
Invoice Invasion: Defending the Finance Department From Hidden Fraud Risks
September 17, 2024  |  Security & Fraud

Businesses can’t grow without getting paid, and businesses won’t get paid without an invoice. But fraudsters have taken notice, capitalizing on the fact that the...

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Basware Debuts AI-Powered Fraud Prevention Tool
Basware Debuts AI-Powered Fraud Prevention Tool
April 22, 2024  |  Fraud Prevention

Accounts payable (AP) automation company Basware has launched a new fraud/error protection solution. AP Protect, announced Monday (April 22), is an artificial intelligence (AI)-powered tool that helps...

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It’s Not Enough That Businesses Win – Fraudsters Must Also Lose 
It’s Not Enough That Businesses Win – Fraudsters Must Also Lose 
June 08, 2023  |  Security & Fraud

The digital age has brought with it a new, sophisticated twist to traditional fraud threats. But while the threat of cybercrime is constantly evolving, as...

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PYMNTS Intelligence: How SMBs Can Fight the Fraud Threats of Remote Work
PYMNTS Intelligence: How SMBs Can Fight the Fraud Threats of Remote Work
April 04, 2023  |  Fraud Prevention

Remote working was a boon to businesses during the pandemic, as technology allowed many companies to remain productive when much of the world was shutting down. Along with...

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Authentication Is Necessary to Stop Invoice Fraud
Authentication Is Necessary to Stop Invoice Fraud
January 19, 2023  |  B2B Payments

Only 38% of businesses are using document and identity authentication tools, leaving most organizations vulnerable to fraud attacks linked to incoming payments. In this month’s...

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Paper Checks Pose Major Risk to Corporate Coffers
Paper Checks Pose Major Risk to Corporate Coffers
September 06, 2022  |  B2B Payments

On top of being a cumbersome payment vehicle, the paper check continues to pose a major risk to corporate coffers. Fraud is on the rise...

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Feds Charge 20 in Alleged $150M COVID Fraud Schemes
Feds Charge 20 in Alleged $150M COVID Fraud Schemes
April 20, 2022  |  Legal

Federal prosecutors have filed charges against a number of people over the past few weeks for allegedly carrying out a variety of scams connected to...

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AP Automation Frees Teams to Think Strategically When Fighting Payments Fraud
AP Automation Frees Teams to Think Strategically When Fighting Payments Fraud
March 08, 2022  |  Security & Fraud

While many businesses made the shift to digital during the pandemic, some — too many, in fact — are still relying on paper-based accounts payable...

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In B2B Payments Fraud, All Roads Lead Back To The Invoice
In B2B Payments Fraud, All Roads Lead Back To The Invoice
August 09, 2021  |  B2B Payments

There is more than one way to commit B2B payments fraud. But in this week’s B2B Data Digest, a roundup of the latest cases reveals...

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