Triple Defense: Safeguard Client Payments with Three Layers of Anti-Fraud Technology

Sophisticated crime rings are increasingly targeting corporate AP/AR departments, causing a surge in payment fraud that’s ringing alarms in financial institutions. In 2022, 84 per cent of large companies were impacted by payment fraud, with some incidents resulting in losses exceeding $100 million. These losses expose banks to significant monetary and reputational risks.

Despite heavy investments in cyber-security, banks find their corporate clients remain vulnerable. Traditional protocols, such as bank letters, are outdated in the face of advanced fraud tactics such as generative AI, call spoofing and deepfake attacks.

How can banks and credit unions protect both their corporate customers and themselves? The answer lies in adopting multiple layers of anti-fraud technology.

Download the white paper Triple Defense: Safeguard Client Payments with Three Layers of Anti-Fraud Technology, to learn about the latest approaches to combating payment fraud and enhancing client security.