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.