Business Accounts Payable Fraud On the Rise Nationwide, Study Shows

In fact, according to a recent study cited by AccuImage, a provider of software solutions and services that help businesses automate their document flow, B2B payment fraud has increased nationwide .Despite business executives and financial officers frantically looking for a solution to curb the uptick in payable fraud, the study finds that more than three quarters of businesses were hit in the past year.“There are many ways to scam accounts payable,” says Larry Bennett, CEO of AccuImage, in a statement, “everything from creating false invoices to check fraud.”Small business owners need to be aware of this worrying trend and take necessary precautions. According to the Santa Clara, California-based document management and imaging solutions provider, raising rates of payment fraud call for, among other things, digitized accounts payable systems to help businesses reduce the chances of payment fraud.