Businesses are susceptible to fraud in a variety of ways, but simple measures can be taken to prevent this form of theft from happening. According to Bank Info Security, small companies are the most at risk because of their tendency to view private or third-party banking institutions to be enough of a precaution.
Risks associated with ineffective accounts payable solutions
This strategy is risky because it places trust on another company to perform the fraud detection processes that should be consistently deployed in-house. The news source reported that one way to maximize precaution is to implement a regular system of account maintenance, specifically focused on account balances and payment activity. If done correctly, leveraging these only does this open up businesses to other forms of malicious cyber attack, such as account hacking or password sharing, but it also makes accounts payable fraud more likely if employees are willingly sharing company information across the web.
The news source reported that as consumers, people should be much more cautious about what they're sharing online. When information is made public via social networking, it can be seen by people outside of the employee's immediate range of connectivity. USA Today also noted, however, that because of an increased push for better online security awareness, global payment card fraud has decreased radically, citing that only six cents for every $100 lost were lost in the past two decades to fraud.
Companies should make a concentrated effort to increase awareness of the kinds of dangers that face accounts payable offices. Sharing a little information can go a long way.