In addition to realizing the cost savings and efficiency gains that come with payment automation, businesses using 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:
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Better secure sensitive vendor account information, including bank details for ACH payments
- Minimize the risk of the most common fraud schemes
- Reduce the risk of social engineering attempts impacting your organization
With accounts payable identified as the leading source of fraud for organizations worldwide, enhancing security has become a critical element of a successful, streamlined AP program.
92% of customers say Paymode's bank account and vendor authentication is better than any competitor.
Key Trends
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87% of companies reported an increase in fraud in 2020 (Strategic Treasurer)
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$300M+ is lost by US businesses per month due to business email compromise fraud (FinCEN)
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The number of reported BEC fraud incidents rose 96% globally in the last year
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 - it 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 sent to you. It can be easy to miss red flags like changing addresses or domain names with the highly manual processing of those invoices. AP Automation solutions 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.
Reduce Fraud Risk. Period.
From invoice receipts 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."
