In addition to realizing the cost savings and efficiency gains that come with payment automation, businesses using Bottomline’s secure payments network, Paymode, protect themselves against increasingly savvy fraudsters. Paymode significantly reduces the risk of internal and external fraud to avoid reputational and financial damages that result from account takeover, Business Email Compromise (BEC), and other fraud schemes.
With Paymode, your business can:
- Secure critical vendor account information, including bank details
- Reduce the risk of common fraud schemes by protecting transactions
- Eliminate the risk of social engineering attempts at your organization
Bottomline can help to ensure that you avoid risk and enjoy AP success by shutting the door on fraud.
Zero fraudulent payments while protecting more than $570B in payments annually
How Paymode Protects Your Organization
The closed nature of the Paymode network means payers and vendors alike are protected from fraud attempts. We use over 300 data points to verify the identity of every member business, as well as a host of security tools which include the ones you’ll find below.
92% of customers say Paymode’s bank account and vendor authentication is better than any competitor
Survey of Paymode Customers
Secure payments against outside threats
Prevent account takeovers and unauthorized access
Reduce the risk of check fraud
Secure your critical bank data
Stop invoice fraud in its tracks with Paymode
The risk of invoice fraud is growing, with some of the largest companies in the world accidentally allowing fraudulent orders to slip through. By the time those are caught, your organization can already be out millions of dollars.
Paymode does more than just secure your payments and stops invoice fraud via several methods.
Protect yourself with flexible approvals
The second item on our list is the simple but powerful fact that any accounting solution with flexible approvals makes it simple to maintain dual controls and oversight. You can’t multi-factor authenticate invoices that are submitted via email, but you can build out robust, flexible approval controls on purchase order invoices to ensure one final check is provided prior to posting for payment. All of this allows for routing of invoices and exceptions to the correct approvers or AP teams based on an ever-evolving range of criteria.
Set up an invoice submission portal
If you’re being mailed or emailed invoices, your knowledge of your vendor is limited to the address listed on the envelope or the email address sending to you. It can be easy to miss red flags like changing address or domain names with the highly manual processing of those invoices. AP Automation solutions like Bottomline can often help reduce this concern by requiring a vendor to set up a profile in a digital portal to submit invoices that include additional company and contact information. This provides additional data points that can be used in assessing the legitimacy of a vendor or invoice.
Robust reporting makes flagging suspect vendors easier
While having a portal and better workflows makes a difference, there’s still a place for your finance teams and their own expertise. The right solution not only provides robust invoice history information, but can also provide insights into whether an invoice exceeds what you consider a high invoice amount, or if an invoice was submitted in a manner that is out of character for the vendor. This aids your team in making informed decisions before submitting an invoice for payment.
Key Trends
80% of businesses saw an increase in fraud attempts.
AFP, 2024
Businesses suffered $3.4 billion in business email compromise losses in 2023.
NASDAQ / Verafin Global Financial Crime Report, 2024
Account takeover fraud is up 800% in 2023.
Sift Science, 2023
Reduce fraud risk. Period.
From invoice receipt to payments being delivered to vendors, Paymode works to protect you from an ever-evolving world of fraud.
That’s why customers trust our solution to keep them safe, and why your accounts payable team would benefit from rolling core AP processes into Paymode.
“We chose Bottomline because Paymode verifies and validates the banking information of our vendors. We no longer are responsible for maintaining vendor banking details.”
- Accounting Supervisor, Large Enterprise Healthcare Company
1. AFP Payments Fraud and Control Survey Report
2. FBI Fraud Bulletin
3. FBI Fraud Bulletin
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