ACCOUNTS PAYABLE FRAUD
Safeguard your organization’s assets
You can reduce the risk of accounts payable fraud with the right tools and prevention plan.
How accounts payable fraud happens
Payment fraud occurs when an organization’s banking credentials are stolen and used to transfer funds fraudulently. It’s a global issue that affects businesses of all sizes. Many accounts payable fraud attacks begin with “phishing,” whereby a cybercriminal poses as someone trustworthy to lure sensitive information from an unsuspecting victim.
A common phishing attack happens when a fraudster sends an email to someone in an organization who can initiate funds transfers or payments. The email will contain either an infected file or a link to an infectious website. If the email recipient opens the attachment or clicks the link, malware is installed on the recipient’s computer that then provides the cybercriminal with access to the recipient’s online banking credentials.
M&T Bank can help you reduce your risk by teaching you and your employees the signs of a scam, and we can help you minimize damage should you experience a cyber attack.
Train staff
Email addresses, typos, oddly worded subject lines and suspicious links or attachments are all signs of a phishing attack. A trained eye can spot the irregularities, and M&T can help you and your staff learn to recognize the clues.
Tighten controls
M&T can guide you on fraud prevention best practices like installing a dedicated firewall to limit the potential of unauthorized access to a network and computers, using a secure session in the internet browser for all online banking and activating appropriate “pop-up” blockers on browsers to help prevent intrusions.
What to do if you suspect fraud
If you think you may be the victim of fraud, immediately contact M&T Bank at 1-800-724-2440. We have solutions to help you minimize a cyber attack’s damage and to reduce your risk of future attacks.
Learn how to help your business thwart off fraud. Visit your local M&T branch or schedule an appointment.
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Small Business Fraud Types
Our resources can teach you and your staff how to recognize the signs of fraud and best practices for processing credit card transactions, avoiding suspicious hyperlinks, paying invoices, and much more. Learn more about types of fraud in small businesses.
Partner with M&T Bank
M&T’s Business Banking Specialists are ready to offer you support at any stage of your business. Get to know the advantages of being an M&T Business Banking client.