Payments Fraud Prevention with AP Automation
Small-to-Midsize business are frequent targets of fraud, and payments fraud is one of the most common types of fraud experienced by SMBs. According to a survey by the Association for Financial Professionals, 81% of organizations were targets of payments fraud in 2019. Later we will take a look at some of the ways in which accounts payable automation software can help you prevent payments fraud. But first here are a few more stats of interest from the AFP survey.
- About 60% of organizations have a fraud policy in place to combat and respond to fraud
- More than half the respondents reported that controls are challenging to implement.
- 74% of organizations reported experiencing check fraud, up four percentage points from the year before.
The best way to combat payments fraud is with a robust Accounts Payable software solution. Payables automation solutions can help address fraud issues, save time and spare you the AP headache felt during period closings. Here are some of the ways you can help prevent payments fraud with the right AP automation software.
- Align Security and Payments Teams on one solution with user-based approvals and time stamping for audit traceability /approvals tracking, as well as workflow management controls.
- Payments software with built-in detection, prevention & security
- Securely transfer funds from your bank directly into your vendors' with ACH direct - Why Direct ACH?
- Positive Pay – Banks only cash paper checks on a preapproved basis – How Positive Pay Works
- Integrate payments software directly with your accounting software if available to eliminate manual data entry
If you haven't implemented an accounts payable automation solution yet, fraud prevention is just one of the benefits they offer. Find out about more benefits
If you are a Microsoft Dynamics GP user, Fidesic AP solution integrates directly into your GP system with audit traceability and approvals tracking, and built-in monitoring and security features. Plus, ACH direct is available right from Fidesic and the solutions supports the creation of the Positive Pay File and automates delivery to the bank.