Amidst the digital transformation, it is imperative that chief financial officers know the way around the challenges of safeguarding against payment fraud.
All these while propelling their organisation towards a technologically advanced future.
To do such feat, financial leaders must learn how to tackle fraud and be able maximise what technological advancements of today have to offer.
Partnership
Digitising payments instead of relying on manual methods is often one of the first steps toward protection against fraud threats, although not a few organisations fall behind in this regard.
That is why collaborating with an experienced payment partner who can deploy advanced digital security features such as encryption and multi-factor authentication can be proven a big help.
One of the biggest challenges that finance leaders face in combatting payment fraud is finding and implementing the right technology.Â
One approach has been to centralise payment activity in a single system, along with multiple, standardised, and electronic approvals that allows for a complete and detailed electronic paper trail for all payments, minimising opportunities for fraud.
Standardising settlement instructions is a crucial strategy, not just in investment transactions but also in the more immediate areas of accounts payable and receivable.
By embedding standardised settlement instructions into corporate financial systems, businesses can streamline their payment processes, whether it’s for supplier payments, client invoicing, or other financial transactions. This standardisation serves as a safeguard against the redirection of funds to unauthorised accounts.
Corporations should review their payments-fraud detection and monitoring systems, as well as their protocols to ensure that they are working.
