Enterprise Payment Software | 2019Enterprise …...Fraud and Control Survey Stats •Learn how to...
Transcript of Enterprise Payment Software | 2019Enterprise …...Fraud and Control Survey Stats •Learn how to...
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Enterprise Payment Software| 2019Enterprise Payment Software | 2019
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Any forward-looking statements made in this presentation and any subsequent
Q&A period are subject to risks and uncertainties. The information provided is
not a commitment, promise or legal obligation to deliver any products, features
or functionality. The development, release and timing of any features or
functionality described for our products remains at Nvoicepay’s discretion and
should not be relied upon in making a purchasing decision. The company’s
actual results may differ materially from those currently anticipated due to a
number of factors, including the competitive nature of the marketplace, the
condition of the worldwide economy and other factors detailed in the company's
most recent form 10K and subsequent 10Qs or other documents filed with the
Securities and Exchange Commission.
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Josh CyphersVP Product & Strategy
Industry Thought Leaders
Mark BrousseauBrousseau & Associates
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Thought Leadership Session
OBJECTIVES
• Learn about the 2019 AFP
Fraud and Control Survey Stats
• Learn how to prevent modern
payment fraud attacks
• Learn what technology you can
leverage to reduce risks
AGENDA
• Tech adoption
• 2019 Fraud and Control Report
• Fraud Story
• Leveraging tech to mitigate risk
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Enterprise Experts – 500+ customers and growing
Industry Annual Revenue Employees
Hospitality $11.7B 77K
Construction $1.1B 1200+
Automotive $3B 2K+
Transportation $2.16B 2M+
Manufacturing $798.1M 1400+
Technology $170.8M 800+
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SOURCE: 2016 Ardent Partners, Eyes on the Prize.
Technology Adoption - AP’s Top Priorities
Better link P2P process and systems
Improve collaboration with procurement
Improve collaboration with suppliers
Improve invoice & payment data visibility
Improve reporting & analytics
Reduce processing costs
Eyes on the prize© Ardent Partners 2019
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AP’s Top Uses of Data and Financial Intelligence© Ardent Partners 2019
AP Is the Center of Knowledge and Strategy That Guides Company Innovation
Forecasting, budgeting,& planning
Cash flow analysis
Fraud and compliance
management
Invoice exception handling
Improving collaboration
between finance & procurement
Enhancing supplier
management (communications, negotiations, etc.)
64%61% 58% 55%
48%
30%
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Machine Learning
Robotic Process Automation/
Prefabrication
Connected Locations
Artificial Intelligence/
Predictive Analytics
Virtual and Augmented Reality
“7 Major Construction Tech Innovations to Watch in 2018”
connect.bim360.autodesk.com
Back Office Automation/
Electronic Payments
Digital Transformation
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Historical Trend of Fraud for Payment Methods
• Checks are the payment method most subject to fraud, but instances being reported are on the decline
• Wire fraud continues to be at elevated levels, Business Email Compromise (BEC) a likely cause of attacks
• Fraud activity with cards on the decline
• ACH debit fraud has increased to record levels and continues its upward trend
• A steady increase in ACH credit fraud since 2012
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Percent of organizations that experienced
attempted and/or actual payments fraud
Percent of organizations that experienced attempted and/or
actual payments fraud in 2017
*Source: 2019 AFP Payments Fraud and Survey Report
Payment Fraud Trends
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*Source: 2019 AFP Payments Fraud and Survey Report
Payment Fraud Costs
*Source: 2019 AFP Payments Fraud and Survey Report
• 92% report that it cost their companies up to half a percent of revenue; 8% report 0.51% to 1.5%
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*Source: 2019 AFP Payments Fraud and Survey Report
Payment Fraud Stats
*Source: 2019 AFP Payments Fraud and Survey Report
• 54% of respondents: fraud via business email compromise (BEC)
• 67% of organizations reported treasury staff discovered the fraud
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*Source: 2019 AFP Payments Fraud and Survey Report
Percent of Organizations that Experienced Attempted and/or Actual Payments Fraud, 2008-2018
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Checks
Wire Transfers
ACH Debits
Corporate/Commercial Credit Cards
ACH Credits
Payment methods that were targets of attempted and/or actual payments fraud in 2018
*Source: 2019 AFP Payments Fraud and Survey Report
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Fraud Stories
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Fooling Google & Facebook
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Best Practices for Mitigating Risk Through Technology
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1. Secure Vendor Data Management
Gathering banking data
Verifying banking information
Storing banking info
Continuous update
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Ex: Solution Provider Verification
Multi-Layered Validation
Validation Criteria
• Does all information match the customers supplier record (name, address, TIN, etc.)
• Does void check name and address match the customer’s supplier record
Person 1 Enters new supplier payment data
Supplier is added to the Nvoicepay Supplier Network
Person 2 Verifies new
entry
Person 3 Verifies supplier data before first
payment is processed
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2. Reconciliation
What to look for: Reporting:
Finding the Right Payment Automation Solution
Compatibility
Cross platformFlexibility
Multiple data streams
Visibility
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3. SOC Compliance
• SOC 1 Type 2
• SOC 2 Type 2
• Vulnerability Testing & Resolution
• Annual Process and Workflow Review
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4. Continuous Staff Security Training
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5. Architect Your Solution or Processes with Security in Mind
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• Providing Liquidity
• Cash Management
• Statement Creation
Strengths
• Fraud Prevention
• Charging for simple
services
• Exception handling
• Supplier Support
Weaknesses
Massive Gaps in Current Bank Process
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Automation can lead to new complexities
Remember Best Practices
1. Secure vendor data management
2. SOC Compliance
3. Continuous Staff Training
4. Architect with Security in Mind
AP is coming up the tech curve
Looking Forward
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Q&A
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Thank You!
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