Payment fraud is everywhere and impacts every kind of organization, including academia. In higher education, large payment runs to vendors and student refunds run up against antiquated Accounts Payable processes and technology, creating a heightened risk of payment fraud. The impacts can be significant, with ACFE estimating a median loss of $100,000 to fraud incidents.
Take a closer look at types of fraud your AP department is most likely to be impacted by and what you can do now to reduce your exposure.
Bottomline can protect you from AP fraud
- Fraudulent Vendor & Student Enrollments
- Credential Theft & Account Compromise
- Fraudulent Invoices
- In-House Fraud
- Intercepted & Misrouted Payments
