Modern Approaches to Accounts Payable Fraud Prevention

Fraud is a growing threat to businesses, with 96% of U.S. companies facing payment fraud attempts in the past year². Beyond financial losses, fraud damages reputations, disrupts operations, and leaves many organizations struggling to recover. As fraud tactics become more sophisticated, businesses need a proactive approach to safeguard their accounts payable operations. Key Insights from the Blog: Fraud is widespread, with 80% of businesses reporting attempts in 2024¹, and over half losing more than 30% of their revenue annually³. Checks remain a major vulnerability, accounting for 65% of fraud incidents¹, while ACH scams target 47% of credits⁴. A proven fraud prevention framework involves strong controls, risk assessments, effective communication, and continuous monitoring. MakersHub takes fraud prevention to the next level with features like advanced invoice scanning, customizable approval workflows, and Positive Pay integration. By automating fraud detection and streamlining bill payments, MakersHub offers businesses a faster, safer, and smarter solution to protect their operations.
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