Invoice and payment fraud has always been a challenge for businesses. But in recent years, it’s a challenge that has become that much more difficult to combat and control.
While compromised business emails cost organizations more than $12 billion between October 2013 and May 2018, the COVID-19 pandemic exacerbated what was already an expensive issue. During the first three months of 2020, for example, instances of invoice and payment fraud increased by more than 75%.
According to the 2022 AFP Payments Fraud and Control Survey, 71% of organizations were victims of payment fraud attacks in 2021. In particular, accounts payable (AP) departments increasingly drew scrutiny from bad actors; 58% of organizations reported that their AP units were targeted by scams.
Keep reading to learn more about what invoice and payment fraud is and how your business can use automation to overcome this challenge, protect your finances, and keep your business partners satisfied.