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Human error and BEC are a prominent sources of payment fraud

Man reading business paper — *Image via Unsplash*

Trustmi has released its State of Business Payment Security in the United States report. The report surveys more than 500 finance professionals, including CFOs, accounts payable professionals and treasurers in order to determine the status of business payment security systems. Key findings from the report include:

28% of respondents stated their organization experienced business payment fraud.
22% were uncertain if their organization experienced business payment fraud.
48% were uncertain of how many times their organization was targeted with with payment fraud attempts in the last 12 months.
51% were uncertain of how much money their organization lost due to payment fraud.

Respondents reported contending with business payment fraud threats such as human error (50%), business email compromise (42%), social engineering (around 20%) and employee collusion (around 16%).

The survey suggests that many organizations lack automated processes. 32% automate payment processes whereas most (41%) only automate some aspects of the payment process. 27% still depend on manual operations. Furthermore, 54% state their organization’s payment processes include up to five technology solutions. 12% report using 10 solutions and 7% use 15 or more.