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Incidents of scams have been soaring and fraudsters are becoming more sophisticated. Cases of attempted digital fraud rose by 25.07% in the first quarter of 2021. A TransUnion report revealed that 40% of consumers reported using digital platforms more frequently, and 60% reported that they conducted most of their transactions via mobile applications. While there are obvious benefits in the shift to digital transactions, it has created a landscape that is highly susceptible to fraud.
Here’s a look at some cases of fraud that made the news in 2021, and how an automation solution could have helped in protecting the business.
A communications breakdown
Last year, two men were charged in relation to a large-scale cyber scheme that spanned the globe. According to a statement released by the US Attorney’s office in the Northern District of Georgia, the scheme involved phishing emails, stealing of employee access credentials, and the harvesting of credentials from computer servers. The fraudsters used the stolen credentials to send emails containing fake invoices for hundreds of thousands of dollars in payments, which were made to the conspirator’s bank account.
How To Avoid This: Businesses can combat fraud through a multi-level approval process for all purchases. AP automation allows you to create customizable channels based on your company’s specific requirements.