In the advancing B2B payment world, fraud attempts have elaborated even more. Whether it’s a large enterprise, small and mid-sized business, or non-profit organization, payment fraud has made its way. A survey revealed that the prevalence of frequent and substantial payment fraud has impacted businesses quite adversely. As it has become more common, IT teams are paying extra attention to B2B payments fraud. Most of the security professionals are unconvinced and uncertain their organizations have deployed adequate technology to prevent payment fraud.
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If it seems astonishing why B2B payments are facing such escalation in fraud
risks, one must no go far and just look that way business organizations handle
accounts payable these days. Not only the accounts payable team is leaving
loopholes for error by entering invoice data manually and juggle dozens of
invoice approvals over mail. Furthermore, they continue to rely onpaper
checks—the riskiest payment method available. Subsequently, handling account
payables with risk in spite of accessible alternatives invites payment fraud.
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In such a case, leveraging Dynamics NAV implementations is an intelligent approach to mitigate payment fraud. Implementation of readily available advanced technology enables the business organization to prevent fraud and drive security within the entire organization. Business corruption is a reality of the modern world and it would be naïve to believe that businesses these days are safe and immune to such threats. ERP capabilities can be deployed, which functions as the best Financial Management software to reduce business corruption and help enterprises alleviate the risk of payment fraud.
A Robust ERP Can Help Business Enterprises In The Following Ways:
Prevention —Adopting
preventive measures and control metrics helps business organizations manage
fraud quite efficiently. Well-guarded controls and procedures make it difficult
for unscrupulous and fraudulent employees to take advantage. An efficient ERP
with its intuitive Navision for financial management
capabilities renders extensive controls and procedures to mitigate fraud
and corruption.
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Automation —One of the
fruit-bearing benefits of deploying an efficient financial management Software is automation. This innovative and
advanced functionality helps business enterprises get a tighter control of the
business processes and make the most of comprehensive audit tracking. With
limited or no audit trail, manual systems are wide open to exploitation. In
such a case, documentation can be changed, misplaced, or misused quite
frequently. ERP offers built-in alert capabilities, which shoots an email in
authority for approval before making any major changes.
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