Accounts Payable Teams Are Under Siege By Cybercrime Syndicates

About The Webinar

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.

What is a Supply Chain Partner Impersonation Scam?

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.

In this session you’ll learn about:

• How to alleviate stress and mitigate risk of being defrauded
• The security void between your ERP and online banking payments
• How an Australian engineering firm was able to prevent a $1 million fraud attempt using payment fraud detection software
• What finance teams can do to protect themselves to prevent cybercrime and payment diversion scams