24th August, 2023
Discover the smart automation software that manages your supplier bills, expenses and purchase orders while protecting against fraud, error and mistakes.
Financial fraudsters are getting smarter.
Picture this: In the heart of your thriving business, an email lands in your inbox.
It’s from a trusted supplier, a partner you’ve worked with for years. They’ve changed their bank details. The email looks authentic, complete with the supplier’s logo, signature, and even prior email trails.
You don’t suspect a thing.
You transfer $40,000, a routine transaction. But the money never reaches the supplier.
Instead, it lines the pockets of a scammer who has not only infiltrated your IT system but also intercepted your responses.
The supplier’s email address was correct, but they never received your responses. The scammer has found a way to hide your responses from the original supplier.
The first time you hear about this scam is when the supplier calls, asking about the payment.
The realisation hits like a punch to the gut. The money is gone, and the trust you had in your systems is shattered.
The loss of $40,000 is a significant blow, but the real pain goes deeper.
It’s the trust that has been broken, the relationships strained, the countless hours spent investigating the breach, implementing new security measures, and rebuilding trust with suppliers and clients.
The ripple-effect of this one email is felt throughout your business.
Could this have been avoided? Yes.
The change in bank details was just one of many small red flags, some of them very subtle.
Scammers often impersonate familiar suppliers, hacking into your email or the suppliers’ emails to correspond with you.
The invoices look genuine, making the scam hard to spot without sophisticated review technology.
So, how do you protect your business from such invisible threats?
Here are 5 ways to protect your business:
Good AP process achieves more than just protecting your business. It protects the trust you’ve built with your suppliers, your clients, and your team.
Don’t let a simple email bring down what you’ve worked so hard to build.
This is where TRAILD comes in.
Developed and supported locally in Australia, TRAILD is an automation and security company designed to help businesses streamline their spend processes but with the adequate controls in place to protect the business against fraud, error or mistake.
As a company, TRAILD is passionate about helping our clients succeed and grow by using technology solutions that seamlessly integrate with MYOB.
TRAILD is a fully integrated MYOB solution that streamlines and automates your accounts payable process, while helping protect against fraud, error or mistakes.
The software patrols the payment workflow to detect the highest risk payments, ensuring all decision makers have visibility on potential payment compromise and can stop it in real time.
TRAILD is processing and protecting millions of dollars of payments each day and has hundreds of thousands of verified suppliers across a global network of clients in diversified industry segments. The software monitors hundreds of internal and external data sources to help guide better decision making and prevent malicious actions.
Automate and shift all of your accounts payable processes online. Eliminate the costly problem of paper invoices, manual entry and slow approvals.
Centralise visibility with a simple and intuitive workflow making it easy for staff to communicate, review and approve supplier bills and expenses.
Make better decisions using the always-on AI risk detection tool and focus your attention on the highest risk payments.
Traild’s AP solution is integrated with MYOB to automate processes, slash admin costs and help you make smarter decisions.
Accounts payable automation and financial control software like TRAILD ensures that the right people in your business get the right information and warnings to approve payments quickly and accurately, ensuring you stay one step ahead of cyber-criminals.