As technology demands continue to accelerate and access to data becomes more widespread, we expect further growth in these types of incidents. Many companies are opting for faster, digital payment methods to transact business, and that compresses the timeline needed to mitigate frauds and require faster detection methods.
Then there’s the added risk generated by having multiple payment platforms. With employees and vendors shifting to remote or hybrid work arrangements, the risk has heightened. Without accountability or supervision, and with distractions that may come with remote work, employees are not only more likely to be targeted by fraudulent scams, they’re also more likely to perpetrate and facilitate them.
Going digital-first can empower organizations and their vendors, but it also enables new types of fraud. Today, cyber-enabled vendor fraud schemes are becoming easier to execute — with higher success rates.
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