Five Tips to Protect Your Construction Business Against Financial Fraud

Who Should Attend

  • AP Manager
  • CFO
  • Controller
  • Finance Director
  • Finance Manager
  • Owners

Time

June 17, 2020
2:00 pm - 3:00 pm EDT

Cost

Free!

Speakers

Rhonda Greene
Principal Solutions Consultant for Avidxchange

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

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