Payment Security 101
Learn about payment fraud and how to prevent it
In this online session we’ll cover what AP teams can do to mitigate the risk of payment diversion scams. Payment diversion scams are expected to cost Australian businesses $70m in 2021. A 500% increase from last year.
Their scam of choice; supply chain partner impersonation scams.
By infiltrating in these trusted relationships, the attackers’ ultimate goal is to make standard social engineering tactics more effective, eliciting help in bypassing controls, or sending, fictitious invoices, and bank info change requests that will compromise the target company’s payments.
A supply chain attack is a type of cyber attack that targets the organisation’s suppliers or trusted third-party vendors through impersonation. These impersonations can come in the form of emails, text messages, or phone calls. According to Security Brief, third-party impersonation account for 52% of all business emaill compromise attacks seen by Abnormal Security, while internal impersonation fell to 48% of all cyber attacks.
It’s important that CFOs take ownership of the cyber crime strategy in order to recognise the increasing threat, and how cybercrime syndicates are targeting your organisation with impersonation scams. For more information about other types of commonly used scams, download our cyber security guide for CFOs 2022.
Segregation of duties is critical for safeguarding business finances – and keeping auditors happy. Eftsure makes it easier, helping you...
Eftsure provides continuous control monitoring to protect your eft payments. Our multi-factor verification approach protects your organisation from financial loss due to cybercrime, fraud and error.