Understanding Strategy & Operations in the Face of 2024's B2B Payment Fraud
Tuesday, 10 September 2024, 09:20
Strategy & Operations: The Growing Threat of B2B Payment Fraud
B2B payment fraud has become a pressing issue, especially as we head into 2024. Companies face the challenge of ensuring their strategy & operations are fortified against rising threats. The fallout from fraud can be devastating, with businesses potentially losing over 30% of their revenues annually due to scams, according to a recent Creditsafe report.
Risk Management Strategies for Businesses
- Implement rigorous monitoring systems to detect fraudulent activities early.
- Enhance leadership training to promote awareness of payment fraud.
- Invest in technology that aids in risk management and fraud prevention.
Leveraging Leadership to Combat Fraud
- Leadership must advocate for a proactive approach to risk management.
- Develop a culture of vigilance and response among staff at all levels.
As fraudsters become more sophisticated, the alignment of strategy & operations with effective risk management is essential for survival.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.