How Technology Can Counter Rising Risk in Push PaymentsFinancial fraud is far from a trend. Rather, it’s a constant - and payments are naturally at the centre of the fraud storm.
Authorised push payment (APP) fraud cost UK businesses £126m in 2018 and losses are set to grow as more scammers look to cash in. It’s relatively easy for them to trick finance teams into paying fake invoices and suppliers, and there are few repercussions.
Report Snap Shot
But digital payments offer a solution. They can:
- Operate via pull payments, so there’s no opportunity for APP fraud
- Are automated, eliminating the human error that fraudsters prey upon
- Allow payments to be recalled via chargebacks if something goes wrong
- Businesses across the UK are already embracing digital payments to optimise their B2B payments: stripping away cost, inefficiency and fraud risk