Staying Ahead of the Game: Why You Need a Trusted Advisor for Safeguarding B2B Payments
In the ever-evolving world of business, security has become a non-negotiable priority. The threat landscape is continuously changing, and businesses are often challenged to keep up with the latest trends in fraud prevention. Among the prevalent threats, B2B payment fraud stands as a significant concern. In 2022 alone, 56% of US companies were affected by B2B payment fraud, with 12% targeted by more than ten fraud attempts1. This illustrates the urgent need for businesses to partner with a trusted expert who not only understands these risks but actively works to protect against them. This is where Finexio comes in.
At Finexio, we understand the complexities of B2B payment fraud and the devastating impact it can have on businesses. In 2022, 24% of companies that fell victim to fraud lost more than $100,000, and 5% lost more than $1 million1. But the financial loss is just the tip of the iceberg. Fraud can also strain supplier relationships, tarnish a company's reputation, and disrupt customer or investor relationships1.
We take these threats seriously, and we are committed to being your trusted advisor and expert in this field. Our 'Payments as a Service' model provides fast, safe, and bank-level secure B2B payments2. We are dedicated to staying abreast of the latest trends and threats, assessing the threat landscape and new threat vectors on your behalf, so you can focus on your core business operations.
Our security framework is robust and comprehensive, designed with the highest standards in mind. We provide necessary training to our employees to defend against phishing and other cyber-attacks, and our platform is built with data security at its core2. We also utilize the latest technologies and frameworks to ensure your payment data is secure, validating supplier account information, and monitoring against fraudulent payments2.
Our infrastructure is hosted and managed within Amazon Web Service (AWS) technology, which provides us with top-tier security and risk management capabilities, further ensuring that your payments are secure2. Moreover, we have rigorous vendor management policies in place to ensure that any third-party partners meet our high security standards2.
At Finexio, we offer 24/7 monitoring of our IT networks and infrastructure to ensure seamless payment processing, and our Security Operations Center (SOC) allows us to react swiftly and appropriately when responding to cybersecurity incidents2.
Fraud attempts are expected to increase in 2023, with more than 50% of US companies predicting a rise in payment fraud attempts in the coming year1. Despite the evolving nature of threats, many companies still rely on manual and inefficient processes to prevent fraud1. At Finexio, we leverage automation and advanced technology to ensure systematic account validation and secure payments.
We understand that the fight against fraud is a continuous process. As your trusted advisor, we are committed to not just securing you from threats today but also staying ahead of the curve to safeguard you from future threats. Rest assured, when you choose Finexio, you choose a partner dedicated to your business's security and success.
If you have any questions or need further information, please do not hesitate to reach out to us. We are here to help.
-Chris Wyatt, Chief Strategy Officer, Finexio