Fraud costs the UK economy £110bn per year (Financial Cost of Fraud Report, 2018). Businesses need to ensure that that payment information that they export from their accounts or payroll solutions and import into their chosen banking software is secure, encrypted and safe from fraud the whole way through your payment processing cycle. Not all payment methods are as safe as you think. Typically, the weakest link in the payment chain is the movement of payment information between systems. These weaknesses pose a risk to your business of potential fraud which lies in the very departments in which this sensitive information is being processed. To remove the likelihood of payment fraud it is important to ensure that your payment files are encrypted when in transit and at rest.
What do I need to check? Are your current Payment Files Encrypted?
- Are you able to open these files and edit them?
- Are these files processed by one person?
- Do you have any processes in please to verify these files before transmission?
If the answer to any of these questions is yes, then we need to find you a better solution that protects every element in the business payment lifecycle.
Even if we wave a magic wand and lock down these files for you, business payment fraud and security risks are evolving rapidly. Even when the fraud itself is not sophisticated the time and effort involved detecting this fraud is immense not to mention the emotional strain and impact the investigation and aftermath has on you, your business and your staff.
What should my new Payment Solution do for me?
- Protect your business across the payment’s lifecycle
- Secure your customer and business payment data against tampering
- Leverage intelligent transaction analysis for proactive business payment security
- Benefit from enhanced internal fraud prevention and detection by effectively
I thought my BACS payments were already protected?
Unfortunately, this may not be the case. If you do not have a secure transfer facility, anyone managing your BACs payments can easily change the payment details to whatever they choose. Without additional security, your business is exposed to the risk of fraud.
What is the potential impact?
The impact of fraud on businesses is significant. Research from Crowe Clark Whitehill, together with the University of Portsmouth’s Centre for Counter Fraud Studies (CCFS), 2018 called the ‘Financial Cost of Fraud’ indicated that fraudulent activity has seen a startling increase driven by technological advances and increasing digitisation, businesses now face a threat which is growing in scale and mutating in complexity.
- Fraud costs the UK economy £110bn per year
- The UK economy could be boosted by £44 billion annually if organisations step up efforts to tackle fraud and error.
- The report draws on 20 years of extensive global research from 40 sectors, where the total cost of fraud has been accurately measured across expenditure totalling £15.6tn.
- Since 2008, there has been a startling 49.5% increase in average losses with businesses losing an average of 6.8% of total expenditure.
How Xperience Can Help?
At Xperience we make sure that our customers are operating in the most productive, efficient and secure way possible. The way in which customers manage and protect sensitive information, such as business payments has undergone a huge transformation preventing fraud and securing data has become a top priority for many organisations…
Security standards that were previously deemed sufficient are now outdated and unacceptable to auditors and regulators, so it is vital that you understand how we can help you understand how to maximise security and protect your payments.
Only by using the latest best practice approach, technologies and expertise in payments, cyber security and risk management can you safeguard your business. If you have concerns about any aspect of securing business payments, please reach out to email@example.com today for more information.