NEW YORK--(BUSINESS WIRE)--While the winter holidays are a time for celebration, connection and rest for many, it’s no vacation for cybercriminals on the prowl for businesses to exploit. Unfortunately, ‘tis the season for business payment fraud with companies facing a relentless–and increasing–stream of threats during the holiday season according to new research from the business payments security pioneer Trustmi.
To uncover top business payment fraud challenges businesses will face this coming holiday season, Trustmi surveyed 509 buyers/purchasing agents, chief financial officers, and president/CEO/chairpersons of organizations for its new report, the 2023 Trustmi Business Payments Holiday Survey.
Highlights from the survey include:
- Three-fourths of business leaders are more concerned about business payment fraud during the holiday season compared to other times of the year.
- A majority of businesses have experienced a fraud incident during the holidays–a time of year when business payments increase.
- Payments processing teams see an increase in workloads during the holidays, which could add to the likelihood of fraud incidents occurring.
- Business email compromise is the leading fraud scheme or cyberattack that occurs during the holidays, followed by phishing scams and spoofing.
- 70 percent of business leaders are implementing additional security measures this holiday season, including special employee training, more payment verification resources and advanced fraud detection and monitoring systems.
"The holiday season is more than just festivities; it's a strategic time for business leaders as they wrap up initiatives and plan for the coming year. Many teams are kept busy with several activities that see increased volume, such as making business payments, which is a process we know is highly vulnerable to cyberattacks even for the most secure businesses,” said Shai Gabay, co-founder and CEO of Trustmi. “What this survey tells us is that business leaders must be extra vigilant to ensure the safety and protection of these business payments during the holidays."
To read the full Trustmi Business Payments Holiday Survey, click here.
Trustmi is the only end-to-end payment security solution that helps businesses protect their bottom line by eliminating losses from cyberattacks, internal collusion and human error. Trustmi’s flexible and modular solution offers businesses full control to use only the tools they need for securing their payment processes and managing their vendors. Founded in 2021 by Shai Gabay and Eli Ben Nun, Trustmi is headquartered in Tel Aviv with an office in New York City. For more information, visit https://www.trustmi.ai/.