Trustmi, a leading provider of payment security solutions, recently released The State of Business Payment Security in the U.S. report. This report sheds light on the challenges faced by finance professionals in safeguarding their organizations’ payment processes. The findings are based on a survey of 516 finance professionals, including CFOs, treasurers, and accounts payable professionals.
One of the key highlights of the report is the prevalence of AI-driven deepfake and executive impersonation attacks. According to the survey, 22% of respondents have already been targeted by such sophisticated cyberattacks. With the advent of generative AI technology, attackers are finding new ways to exploit vulnerabilities in business payment security processes, posing significant challenges for finance and cybersecurity teams.
In addition to AI-driven attacks, the report also highlights the persistent threat of existing fraud sources. Fifty percent of respondents reported experiencing business payment fraud due to human error, while 42% fell victim to fraud from business email compromise (BEC) attacks. Social engineering schemes and employee collusion were also cited as common sources of fraud, with almost 20% and nearly 16% of respondents reporting such incidents, respectively.
Despite the prevalence of fraud attacks, the report points out a concerning lack of visibility into payment processes among organizations. Nearly 58% of respondents admitted to having a fraud prevention solution in place but lacked visibility into payment fraud activity. This lack of insight into the extent of losses incurred due to payment fraud poses a significant challenge for organizations looking to bolster their cybersecurity defenses.
Moreover, the report reveals that only 32% of businesses currently operate automated payment processes. A significant portion (41%) still rely on manual operations, while nearly 27% automate some aspects of their workflow. This lack of automation in payment processes creates additional challenges for businesses, especially those using multiple technology solutions. According to the research, 54% of organizations reported using up to five technology solutions in their payment processes, with some relying on even more solutions.
In response to these challenges, Trustmi’s co-founder and CEO, Shai Gabay, emphasized the importance of AI-powered fraud prevention technology in safeguarding businesses against emerging threats. Gabay highlighted the need for end-to-end fraud prevention solutions capable of automating B2B payment processes while providing visibility to prevent fraud from all attack vectors and mitigate losses stemming from human errors.
Trustmi’s platform offers businesses a flexible and modular solution to secure their payment processes effectively. By connecting payment data and activity across an organization’s systems, Trustmi enables finance and security teams to manage vendors and prevent fraud more efficiently. The platform seamlessly integrates with existing systems, allowing businesses to enhance payment security without disrupting their workflows.
In conclusion, the report underscores the critical need for businesses to prioritize payment security and invest in advanced fraud prevention technologies. With the evolving threat landscape and the rise of sophisticated cyberattacks, organizations must take proactive measures to mitigate risks and protect their financial assets. By leveraging solutions like Trustmi’s AI-powered platform, businesses can enhance their payment security, minimize losses, and safeguard their bottom line.