CHECK FRAUD: Another Reason Banks’ Commercial Customers Need Invoice Automation
Payment automation is about more than efficiency.
When manual processing is involved in financial transactions, it may increase the risk of fraud.
According to a telling survey by the Association of Certified Fraud Examiners (ACFE), nearly 70 percent of corporate respondents reported having been victims of check fraud.
Moreover, the ACFE’s “2016 Global Fraud Study” indicated that asset misappropriation was by far the most common form of occupational fraud, occurring in more than 83 percent of cases reported in that category. Among the various forms of asset misappropriation, billing schemes and check tampering schemes posed the greatest risk based on their relative frequency and median loss.
Invoice Automation Can Help Mitigate Check Fraud
Just to be clear, there is no foolproof solution for combatting fraud.
However, technologies such as automated business bill pay solutions, as well as increased auditing and oversight, may make a real difference for a bank’s commercial clients.
Invoice and payment automation, in particular, is an especially attractive option, because in addition to helping reduce exposure to fraud, it may deliver real financial benefits. Specifically, by switching from manually payment processing to automated bill pay, your commercial clients can reduce the cost and time required to pay outstanding invoices, recoup early payment discounts, and realize many more benefits.
Ultimately, as a bank that already has an existing relationship with these businesses, presenting solutions like invoice automation makes real strategic sense to help you grow revenue and loyalty.
Want to solve more payment problems for your business customers and explore your options? Request a free briefing with one of our Commercial Payments Solutions Specialists.