Fraud increases during holiday season

Improvements to digital infrastructures have made it possible for organizations to move their operations, such as banking and transferring assets, to Internet-based platforms. For consumers, this increases convenience. Rather than having to travel to a banking facility, for example, individuals can perform the bulk of their transactions from the comfort of their own homes, across an Internet-optimized connection. 

According to UBM Tech, however, a reliance on Web technologies also increases the threat of cyberattack. The source reported that in May 2013, hackers were able to steal $45 million in accounts payable fraud by gaining the access codes to two separate credit card processors. Seventeen accounts were summarily compromised during the attack, which spanned two different banking facilities. 

Although the fraud has been discovered, it is still largely unknown how the hackers managed to gain the necessary information. For instance, in order for the accounts to be compromised, the cybercriminals required legitimate PIN codes. Additionally, multiple people were necessary to pull off this scheme, including individuals who were responsible for cashing out the accounts and others who were required to retrieve the information. Therefore, it's important that consumers and businesses alike are aware of the possible side effects of Web-based transactions.

SiliconANGLE, for instance, reported that as major online retail events occur, such as Cyber Monday, Internet-based transactions will increase. If shoppers are leery of spending money on the Web, the holiday season will also provide physical outlets with more foot traffic, which means companies will need to become more conscious of the possibility of hacking.

Fraud doesn't stop with the Net, reported the news provider – businesses should be prepared to fend off cybercriminals with AP audit solutions in-store, as well as through their online portals. 

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