As many businesses are moving their workflows online during these unpredictable times, there are increased security risks that inevitably become involved. According to the 2019 AFP Payments Fraud & Control Survey, payment fraud is at a record high – 82% of organizations have reported incidents in 2018. This presents a huge risk for businesses, especially in this current landscape.
While working from home is becoming the new standard for most occupations as of late, organizations are even more prone to an increase in fraudulent payments and attacks, which can lead to severe data breaches. As companies look for ways to mitigate these risks, AP Automation seems to provide solutions that play an integral role in the prevention of these possible liabilities.
Ways AP Automation Mitigates Risk While Working Remotely
Segregation of Duties
With AP Automation and virtual cards, the risks of fraud are significantly reduced. AP Automation implements a segregation of duties in its system, which allows the right people to authorize the right payments. With so much work being done remotely, the risk for internal fraud increases. The segregation of duties directly addresses this and heavily discourages any fraudulent transactions. While virtual cards protect your bank account information with randomly generated, single-use 16-digit numbers adding a layer of protection when making a payment.
Another feature that helps mitigate these risks is an easily accessible audit trail. An online accounting system provides visibility and accountability for individuals, which can further discourage fraudulent activities. By having this transparency, accounting managers are able to easily track all transactions in a company’s accounting system, whether they are at the office or at home.
Dual Factor Authentication
Automated accounting systems adds an extra layer of security via dual-factor authentication to ensure that every employee involved with AP is protected from unauthorized account takeovers. In a setting where employees work remotely, dual-factor authentication provides insurance that all transactions are supervised by the correct approver.
The Comfort of Home Security
Working from home can increase the risk of security breaches and fraudulent activity; in a world where remote work is the norm, it is crucial for businesses to consider taking security measures to prevent any breaches of data. AP Automation provides a secure platform for your business to execute transactions and a level of fraud protection that simply cannot be replicated offline.