Protecting your company from fraudulent activity is a crucial part of managing a business and can often seem like a daunting task. As a business, most companies are not protected from fraud the way that consumers are. In fact, businesses are often held responsible for the fraudulent activity that they suffer, so risk management is extremely important.
Services like Positive Pay, ACH filters and daily account reconciliation are available, however, fraud continually occurs at alarming rates. In 2019, the Association for Financial Professionals conducted a Payments Fraud and Control Survey and determined that 82% of organizations reported incidents of payments fraud the year prior, and among those affected, 70% experienced check fraud and 43% experienced direct financial loss. Since 2019, these statistics have continued to grow.
Based on these figures, protecting your business with conventional banking procedures may not be the strongest tool. With Bill.com, an accounts payable automation solution, you gain a variety of security measures designed to improve your risk management along with a streamlined way to manage business payments
When you use Bill.com, you are automatically granted access to Vendor Direct virtual card payments, Positive Pay, ACH filters, and reconciliation services. Additionally, you will have access to various other security measures created to protect your business from fraudulent activity. Here are the advantages Bill.com offers to improve your company’s account security:
Authorization process
Sophisticated intrusion-detection devices, as well as firewalls are provided to avoid unauthorized users from accessing your account.
Confidential information
With Bill.com, each transaction goes directly through your account—this way, sensitive data is never exposed to anyone but you.
Data encryption
The use of extended validation encryption technology always safeguards your information from unauthorized servers.
Disaster recovery
In case of emergency, Bill.com stores all information securely on a backup server.
Payment speed and security
Faster and more secure, the Vendor Direct virtual card program will leave you feeling confident and safe, with no transaction fees or change in process.
Risk management
With the use of artificial intelligence, Bill.com conducts regular risk assessments to identify suspicious activity.
Protecting your company from fraudulent activity can be challenging but is critical for your business’s success. Bill.com will help to increase your security and manage the risk for you—this way you can focus on the other important aspects of your business. Janover’s Outsourced Accounting Solutions leverages Bill.com to streamline our clients’ bill pay processes. Would you like to learn how Bill.com can improve your risk management process? Contact us today to speak with an Outsourced Accounting Solutions professional.