Invoice Verification Slows Pace of Real-Time Business Payments Fraud

Faster, Easier Payments Will Require Higher Fraud Protection

When payments took hours or days, companies could claw back funds accidentally sent to fraudsters, but faster payments mean they no longer have this leeway. In the “B2B Payments Fraud Tracker®,” a collaboration with nsKnox, PYMNTS learns why invoice verification is critical for the 85% of businesses that call real-time payments the most important feature in a financial partner.

Inside the February Tracker
  • With 41% of all U.S. businesses using real-time payments in some capacity, it is safe to say that B2B payments are becoming faster and easier. The bad news is that fraud is, too.
  • Facing growing reports of invoice fraud, the Better Business Bureau released a warning to companies, while a man in Utah was charged with sending nearly $6 million worth of fake invoices to a produce company.
  • Now that payments can be made in seconds, invoice verification is an indispensable tool for companies’ fraud-fighting efforts.

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