The battle against financial fraud is no joke. It’s a pervasive problem and it’s clear that fraudsters aren’t packing up their bags any time soon. In fact, the exact opposite seems to be occurring – cybercriminals are no longer holed up in isolation, working separately. The transformation to ‘cybercrime-as-a-service’ is seeing groups of cybercriminals banding together and executing multi-pronged, remote attacks with the push of a button. Cybercriminals are quick to exploit weaknesses, intelligent and able to react and adapt to the latest anti-fraud tactics in almost real-time. It’s no surprise that COVID-19 has provided them with new ‘inspiration’ and new ways to exploit the fear and economic devastation the pandemic has wrought.
Accounts Payable operations have historically been a bullseye for financial crime – especially for those that still rely on manual, disjointed processes often run on outdated systems – and this is truer than ever as the pandemic exposed vulnerabilities in business continuity planning and legacy platforms. Leaving low-hanging fruit for criminals to pluck. This is why it’s critical for these organizations to consider embracing AP automation.
Rob Eberle, CEO of Bottomline Technologies, who was recently interviewed by PYMNTS.com stated that he has no doubt that COVID-19 “will accelerate the digital transformation of business payments.”
AP automation platforms are secure, auditable and efficient. They save time and money while freeing up AP staff to focus on more value-add projects. A recent edition of the Next-Gen AP Automation Tracker (a monthly collaboration between PYMNTS and Bottomline), provides an in-depth examination into the role automation can play in the fight against AP fraud, which is the most prevalent type of fraud for over 90% of organizations.
To up your AP automation game and help your organization win the battle, check out the Next-Gen AP Automation Tracker on PYMNTS.com.
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