Cautionary Tales: What AP Can Learn From 3 Real-life Payment Fraud Examples

It’s not hard to find stories about the devastating impact of accounts payable fraud. In fact, Strategic Treasurer notes in its 2022 fraud report that AP departments are the most vulnerable to email scams, with 73% listing it as their number one fraud concern.

If it seems like payment fraud cases are increasing, it’s because they are. AP teams are more vulnerable than ever, with business email attacks shooting up nearly 23% in the last year alone. Fraudsters are becoming ever more resourceful and constantly crafting new ways to get ahold of critical data right under your nose, like:

• Tricking AP staff into handing over login credentials
• Hacking mobile devices to gain access to a victim’s email and financial accounts
• Posing as a legitimate and trusted vendor to request payment into a scam bank account

The good news is that the more we know about these fraudsters, the better we can arm ourselves against their attacks.

Download this whitepaper to explore 3 real-life cases of how AP staff have fallen victim to fraud schemes and 5 steps you can take to prevent B2B payment fraud within your organization.