Corporations, businesses and commercial real estate properties all want to know how to kill BEC fraud attacks on their A/P systems. This blog provides a solution option to do just that.
Business Email Compromise (“BEC”) attacks come in a variety of forms and email cyber security programs only stop one part, thus BEC fraud – as it pertains to false billing fraud – continues to plague corporations, businesses, commercial real estate properties, and development/new construction projects. The current approaches to solving this problem leave wide gaps because of the lack of systemic solution capacity and the failure to recognize the true nature of the problem. The problem is that accounts payable processing hasn’t changed in hundreds of years, but technology and fraud certainly have changed. Furthermore, BEC fraud attacks are but one part of the problem. The internal and external embezzlement scheme frauds are not easily detected (a recent ACFE.org report found the median time to discovery being 24 months) and are potential sources of default risk failure for the business. The systemic solution is to change the fundamental means and methods by which vendors are onboarded, invoices are processed and who can access funds. Without these controls in place, the result is what we routinely see. Visit us and see what the future of fraud and embezzlement elimination looks like.