71% of companies reported they were the target of an attempted or successful payments fraud attack in 2021*. More than three quarters of the time these incidents stemmed from business or vendor email compromise as fraudsters pretended to be someone else – often an existing vendor – in the hopes of changing vendor bank account credentials.
Among procurement professionals, the problem of social engineering payments fraud scams is well known, but the risk is not well understood. With many unknowns, building the processes and investing in the tools to properly combat these frauds is difficult.
In this NAEP (National Association for Educational Procurement) hosted live event, we will cover:
– How, exactly, social engineering payments fraud scams succeed
– Key ways your current process can likely be beat by a fraudster
– Questions for your risk team and your insurer regarding your organization’s exposure to these types of payments frauds
*Association of Financial Professionals 2022 Payments Fraud and Controls Survey