Our recent live event, Social Engineering Fraud and Your Vendor Master - Managing the Risk, brought together industry experts – Taylor Nemeth, Head of Payments at PaymentWorks, and Christopher Arehart, SVP and Product Manager of Crime, Financial Fidelity, Kidnap/Ransom and Extortion at Chubb Insurance. (The dynamic duo also happen to be co-authors of the recent white paper “Guarding Against Social Engineering Fraud." Please download a free copy!)
They took a deep dive into the increasingly hot topic of business payments fraud, which they agree is, at the core, an identity problem. This identity problem happens to be a multi-billion-dollar problem which can be attributed to the combined effect of the fact that 300+ billion emails are being exchanged every day across businesses and individuals and that 30% of existing suppliers are changing their information over the course of a year (PaymentWorks database statistic, 2021). This has added up to $28 billion in losses with an average incident loss of over $150,000 (from 2016-2020), a number which has doubled in 2021! (FBI Internet Crime Report 2021.)
The big question on everyone’s mind is how can organizations avoid this problem and avoid the financial and reputational loss that comes with it? Here, we offer you the top three takeaways from this electric and informational event.