When it comes to managing bill pay for your business, learning to mitigate fraud is crucial. Improving risk management, however, can be a tricky task. That’s because companies don’t benefit from the same legislative protections consumers do regarding fraud. Businesses are held financially liable for successful fraud attempts against them, which means they have to be stringent about their account security.
To protect themselves, most businesses are forced to pay for business banking services like Positive Pay, ACH filters, and daily account reconciliation. Positive Pay is a service that cross-references remitted checks to ensure no manipulation has occurred, while an ACH filter is an automated tool that screens incoming ACH transactions for signs of fraudulent activity. Daily account reconciliation services keep your transactions updated so that you can check them in real time.
Even with these services, though, fraud continues to occur at alarming rates.
According to the 2019 Payments Fraud and Control Survey by the Association for Financial Professionals, a record 82% of organizations reported incidents of payments fraud in 2018. Among the organizations affected, 70% experienced check fraud and 43% experienced a direct financial loss as a result of payments fraud.
Business email compromise also plays a factor in fraud attempts. Eighty percent of organizations experienced business email compromise in 2018, with 54% of responders reporting financial losses as a result.
These high numbers prove that protecting your business from fraud is more important than ever. Conventional banking methods, however, may not be the best solution. Your bank account information is exposed whenever you send a check or exchange routing information for ACH payments, leaving you vulnerable.
How Bill.com Protects Customers
When you sign up with Bill.com, you automatically get Vendor Direct virtual card payments, Positive Pay, ACH filters, and reconciliation services at no extra charge, in addition to a variety of other security measures designed to help safeguard your business from payments fraud.
Firewalls and sophisticated intrusion-detection devices help prevent unauthorized servers from accessing your account.
Every transaction goes through your Bill.com account, so your bank
account information is never exposed to customers, vendors, or unauthorized third parties.
Extended validation encryption technology protects your data from
All your information is stored on secure offsite backup servers in case
of an emergency.
Payment speed and security
Bill.com’s new Vendor Direct virtual card program is faster and more secure than checks, with no transaction fees or change in process.
Bill.com performs regular risk assessments using artificial intelligence to detect fraudulent activity.
Protecting your business from fraud is a critical, never-ending task—but Bill.com can manage the risk and do the work for you. Learn more about how to sign up for an account today.