The Evolving Threat of Fraud in B2B Trade
Credit fraud is one of the fastest-growing challenges for businesses today. 2023 witnessed a rise in various forms of fraud, signaling a pressing challenge for businesses engaged in commerce. This white paper, in partnership with BrightQuery, uncovers how these trends have put credit managers on high alert.
As fraudsters become more creative with their tactics, the potential for larger losses increases. From sophisticated phishing schemes to identity theft and falsification of financial documents, fraudsters are adapting to technological advancements and exploiting vulnerabilities in digital transactions to target businesses.
The battle against fraud demands a commitment to creative fraud prevention strategies. Credible, validated information is the best tool available to credit managers to mitigate the risk of fraud.
Ruth Storms, CCP
This is part of a credit managers job. Just extending credit or collection of an account is front and center, Funny accounting or not a true sale, or discounts that are giving away profit margins. This is way the credit department sits between the accounting department and sales department; also warehousing. We (the credit department) are the eyes of the owners.
Credit Departments are part of the FINANCE department not accounting or sales.
Tonya Houston
Thank you so much for sharing this valuable information. It is greatly appreciated.
Tonya Houston, CBA
Credit Analyst II