Trustmi, the leader in business payment security, has officially published its State of Business Payment Security in the U.S. report, which took into account the perspective of more than 516 finance professionals, including CFOs, treasurers, and accounts payable professionals, on the state of their business payment security processes. According to certain reports, the survey revealed that nearly 22% of respondents have already been targeted by AI-driven deepfake and executive impersonation attacks. Next up, more than 50% experienced business payment fraud resulting from human error, whereas on the other hand, 42% reported fraud from business email compromise (BEC) attacks. Other sources of fraud were understood to include social engineering schemes (almost 20%) and employee collusion (nearly 16%). Anyway, moving on, the Trustmi’s research also shed light upon a sizeable 58% of respondents who, despite having a dedicated fraud prevention solution, lacked the necessary visibility into payment fraud activity. Another detail worth a mention here is rooted in the fact that less than one-third (28%) knew with certainty that their organization had experienced business payment fraud. These were joined by 22% of respondents who did not even know if their organization had experienced business payment fraud in the first place. Then came a contingent of more than 48% respondents who did not know how many times their organization had been targeted with payment fraud attempts in the past 12 months. Apart from that, the report also exposed how over 51% had no concrete clue regarding how much money their organization had lost due to payment fraud.
“Finance teams face unprecedented challenges when it comes to payment fraud, battling emerging AI-powered threats while trying to identify and stop losses stemming from avoidable human error,” said Shai Gabay, co-founder and CEO of Trustmi. “To overcome these issues, businesses need AI-powered, end-to-end fraud prevention technology capable of automating their B2B payment processes while providing the visibility required to prevent fraud from all attack vectors and loss from needless human errors.”
Hold on, we still have a few bits left to unpack, considering we still haven’t reached upon businesses that the survey adjudged to lack automated business payment processes. You see, only 32% of these businesses were deemed to operate proper automated payment processes. Alongside them, we had 41% organizations that would automate some aspects of their workflow, with 27% still seemingly reliant upon manual operations. To understand the context, a lack of automation has, time and time again, shown to create enormous challenges for businesses with payment processes that involve multiple technology solutions. This becomes all the more grave once you consider 54% organizations reported that their payment processes involve up to five technology solutions, with 12% using up to 10 solutions, and around 7% even relying on 15 or more solutions within their payment technology stack.
As for what makes Trustmi an ideal candidate to lead such a study, the answer resides in its ability to help companies protect their bottom line through elimination of losses from cyberattacks, internal collusion, and human error, instead ensuring that payments go to the right place. In essence, Trustmi empowers finance and security teams to secure payment processes and manage vendors by connecting payment data and activity across an organization’s siloed systems more effectively and efficiently. This it is able to do using a flexible solution which layers seamlessly onto existing systems to secure payments across the entire flow. Such a mechanism, like you can guess, does a lot to boost efficiency and reduce manual work. In fact, Trustmi’s easy-to-use interface allows full control to businesses when it comes to running their payment process without changing or interrupting their workflows.
