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Holiday Season Brings Corporate Payments Fraud Spike

PYMNTS

This week’s B2B Data Digest dives into the latest statistics of fraud targeting corporate funds through internal employee scams in the accounts payable (AP) and payroll departments, and external frauds that reflect the growing threat of cyberattacks. More on that below.).

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Case Study: Growing Healthcare Management Firm Implements Sage Intacct ERP to Optimize Scalability

Withum

They have an exclusive partnership with healthcare networks in New Jersey and Pennsylvania. The establishment of a defined and documented control environment streamlined vendor onboarding, payroll, bill management and reporting and dashboard solutions.

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Blank Checks And PO Manipulation Cost Businesses Millions

PYMNTS

. $600,000 was reportedly stolen by a Canadian bookkeeper , who was found to have taken advantage of the fact that the company’s president, Robert George, signed blank checks for the bookkeeper to make payments in accounts payable and payroll. 777 million was stolen from U.K.

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Tax Season Adds Extra Fraud Weight For SMBs

PYMNTS

The cyberattack group, named Exaggerated Lion, had targeted more than 3,000 individuals at those businesses with their BEC scam email attacks between April and August 2019, with the vast majority of targets being employees working within the accounts payable department as more cyberattackers infiltrate corporates’ B2B payment processes.

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Amid UK Payment Woes, Firms Face Fraud Risk

PYMNTS

The latest salvo illustrating strides made in tackling late payments — and the challenges that still remain — comes from Invu , an accounts payable (AP) automation firm. Robin Cline, who had worked as an accounts receivable clerk for the firm, had been accused by the Justice Department of wire fraud.