Securing Your AP Payment Mix

Building Resilience Against Payment Fraud and Operational Risks

With 80% of organizations experiencing payment fraud, securing your AP payment mix has never been more critical. A secure payment system not only protects financial assets but also enhances supplier trust and ensures regulatory compliance.¹

Why Security Matters

A secure AP payment process safeguards against fraud tactics such as phishing, forgery, and business email compromise. Platforms like Finexio integrate robust security measures such as transaction monitoring, OFAC sanctions screening, and account validation services to mitigate risks.

• Business email compromise (BEC) caused $2.7 billion in losses in 2023 alone.²
• Virtual cards reduce fraud risk by 90% compared to checks and ACH transfers, making them a secure alternative.³
• Fraud prevention systems save organizations an average of $3.8 million annually, according to the Ponemon Institute.⁴

Steps to Secure Your AP Payment Mix

1. Evaluate Payment Method Risks
   Assess the risk associated with each payment method:
   • Checks: High risk due to theft and forgery.
   • ACH Transfers: Susceptible to BEC schemes.
   • Virtual Cards: Low risk with encryption and one-time use features.
   • Wire Transfers: Moderate risk, requiring robust verification.
2. Apply Finexio's Payment Risk Score (PRS) Methodology
   Use Finexio's proprietary payment risk scoring model to quantify risk across payment methods and prioritize improvements in high-risk areas.
3. Transition to Secure Payment Methods
   Shift reliance away from checks and other high-risk methods to virtual cards and ACH transfers, which offer stronger fraud protections.
4. Adopt Continuous Monitoring
   Regularly recalibrate security measures to stay ahead of evolving fraud tactics. Platforms like Finexio provide built-in fraud detection and ongoing compliance checks to adapt to the latest threats.

The Outcome

By securing your AP payment mix, you protect your organization against financial loss, strengthen your supplier relationships, and ensure long-term operational stability.

Learn more:

Optimizing Your AP Payment Mix

Monetize Your AP Payment Mix

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Why Finexio?

Finexio is the only purpose-built platform for embedded payments and the only company that has an AI-backed payments fraud guarantee solution for optimizing, monetizing and securing AP payments.

Ready to transform your AP process?

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Sources

1. Association for Financial Professionals. (2024). 2024 AFP Payments Fraud and Control Survey Report. Retrieved from https://www.afponline.org/
2. FBI Internet Crime Complaint Center. (2023). BEC Trends and Statistics. Retrieved from https://www.ic3.gov/
3. Patel, J. (2023). Advanced Encryption in Virtual Card Programs. Journal of Payment Security. Retrieved from https://www.paymentsecurityjournal.com/
4. Ponemon Institute. (2023). Cost of Cybercrime Report. Retrieved from https://www.ponemon.org/