According to the 2019 AFP Payments Fraud and Control Survey, 82% of organizations reported fraud incidents in 2018, and 43% experienced direct financial loss as a result. The construction industry isn’t exempt—56% of fraud cases are directly related to billing and check/payment, and the median loss reached approximately $250,000 in more than 40 fraud cases.
Cybersecurity threats are increasing, as a recent study shows a 400% spike in cybercrime activity related to this year’s global pandemic. Employees working from home can be a threat because they may be on unprotected public Wi-Fi, conduct business on personal computers, transfer files between work and personal devices, and aren’t as likely to regularly update their software with security patches. A cybersecurity threat is a malicious act that seeks to damage data, steal data or disrupt digital life in general. Cybercrimes include email phishing campaigns, in which malware is activated when a recipient clicks on a malicious file or link sent via email. $3.9 million is the average total cost of a data breach.
This webinar will discuss the most common types of fraud in the construction industry, five tips to protect a business against financial fraud and how a full-service payment solution can mitigate risk by eliminating paper checks.
During this webinar, you’ll learn about:
- The most common types of fraud in the construction industry
- Five tips to protect your business against financial fraud
- How construction companies can mitigate risk by eliminating paper checks