Innumerable innovations around us profoundly affect our businesses and how we operate them. The hassle of B2B payments has been a good problem statement for some time, while Fintech partners across the globe are diligently dealing with the same. Securing these omnichannel platforms has become a top priority.

B2B transactions are at the heart of any business. Any payment process you employ should be as quick and secure as possible because that is where income is made and expenses are reduced. However, some companies still don’t consider safeguarding B2B payments their priority, while they absolutely should.

In this article, we’ll explore why safeguarding B2B payments are so important and how you can do it effectively.

Overcoming Payment Fraud

The amount of money lost to payment fraud is growing and is expected to keep increasing. Fraudsters are getting smarter, and as technology advances, so must our prevention methods. Here are some common types of payment fraud:

• Card-not-present (CNP) fraud occurs when a cardholder does not physically present the card at the time of purchase, such as online or over the phone.
• Account takeover (ATO): When an individual gains access to another person’s account information and purchases or withdraws funds from their account without permission.
• Business Email Compromise (BEC), also popularly known as email account compromise (EAC), is one of the most exploited forms of online fraud. There can be many ways to mask this fraud, such as fake invoice schemes or attorney personification.

Building Your Defenses

The global cybercrime loss crossed $6 trillion in 2021. This goes on to show that It’s crucial to implement a multi-layered security strategy in order to protect your payment infrastructure and the sensitive data it handles. This means ensuring the security of your payment infrastructure, applying appropriate fraud detection and prevention tools, and ensuring that your process complies with regulations.

Read More: Why Should You Consider Safeguarding B2B payments?