Virtual payments are captivating the corporate payable realm. At the same time, cyber-criminals are eagerly developing new tactics to take advantage of this trend. The 2022 AFP Payments Fraud and Control Survey report finds that 71% of organizations were victims of payments fraud/attempts in 2021. Out of those 71%, checks and ACH were the most impacted by payment fraud, which is a significant threat that cannot be ignored. Singe Payable’s virtual payment platform includes security measures to ensure security and stop cyber-criminals in their tracks.
Singe’s virtual card solution is tailored-made to address cyber crime. The most obvious fraud-protection advantage virtual card offers over other formats is the fact that each payment is made via a one-time-use, randomly generated, sixteen-digit account number. But several lesser-known security features are baked into the platform that directly tackle email fraud, as well as general electronic payment fraud. These include:
1) Non-Forwardable Payment Notification Email Each payment made automatically generates an email to the payee, notifying them that funds are available. This email is not forwardable - it can't be passed along to a third party seeking to misappropriate those funds.
2) PIN-Controlled Access In order to access a payment, the supplier must provide the correct PIN - meaning even if a third party were to gain access to the payment notification, they wouldn't be able to access the funds without the PIN.
3) Remit Controls Amount To Be Processed The virtual card number is only good for the amount intended to pay on the remit. In other words, if the remit indicates that the purchaser is paying $100.00, if someone tries to process for even $102.00, the card payment will decline.
4) MCC Check A final security measure is the Merchandise Category Code (MCC) check. If the industry-specific MCC for the payee does not match that of the entity attempting to process the payment, the system will trigger a decline as well. For example, if the payment is issued to a shipping company, but a home improvement company runs the card, there will be an industry mismatch and the card will decline.
Interested in making more secure virtual payments? Contact Singe Payables to learn more about our secure payment plan and how virtual payments could be right for your business.
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