Rising Threats and Persistent Challenges
In business payment security, AI-driven deepfake and executive impersonation attacks are emerging as a significant threat, according to a report by Trustmi, titled “The State of Business Payment Security in the U.S.” The report presents insights from 516 finance professionals, including CFOs, treasurers, and accounts payable professionals, on the state of their business payment security processes.
Rising Threats and Persistent Challenges
The survey reveals that 22% of respondents have already been targeted by AI-driven attacks, indicating the growing sophistication of cyber threats. However, traditional threats persist, with 50% of respondents reporting business payment fraud due to human error and 42% experiencing fraud from business email compromise (BEC) attacks. Other sources of fraud include social engineering schemes (nearly 20%) and employee collusion (approximately 16%).
The Need for AI-Powered Fraud Prevention
“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,” says Shai Gabay, Trustmi co-founder, and CEO.
Key Findings: Visibility and Automation Deficits
The report highlights a lack of visibility over payment processes, with 58% of respondents having a fraud prevention solution but lacking insight into payment fraud activity. Less than a third (28%) were certain their organization had experienced business payment fraud, while 22% were unsure.
Furthermore, the survey found that many businesses lack automated business payment processes. Only 32% currently operate automated payment processes, with most (41%) automating some aspects of their workflow, while nearly 27% still rely on manual operations. This lack of automation is particularly challenging for businesses with payment processes that involve multiple technology solutions. According to the research, 54% reported that their payment processes involve up to five technology solutions, with 12% using up to 10 solutions and 7% relying on 15 or more solutions within their payment technology stack.
