Finance teams face relentless assaults from malicious entities aiming to breach organizations' payment systems. While this isn’t new, the sophistication of these attacks is proving nearly impossible to detect. That is until someone notices the money is missing. By then, it’s too late.
$300 Billion ‘Perfect Storm’ Bitcoin Price Crash Under $60,000 Suddenly Accelerates As Ethereum, XRP And Crypto Brace For Shock Fed FlipFraudsters first determine which organizations are connected. This is easy when you consider that businesses feature partner logos on their websites and give shout-outs on LinkedIn. Bad actors often target a specific organization and determine which vendor or trade partner will be their gateway.
One common method is abusing access privileges. For example, many large organizations use enterprise resource planning systems, which include integrated payment processing capabilities. Employees with access to this ERP system can access stored financial accounts or the payment processing system to initiate unauthorized transactions or divert funds for personal gain.
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