In this episode entitled AP Now’s, Mary Schaeffer explains how Authorized Push Payment Fraud works. She begins by explaining the genesis of the fraud and then provides several different examples, as well as a quick overview of recently-passed legislation in the UK that protects victims of this type of fraud if they meet expected standards.

Schaeffer explains how important it is that the general public understand that many crooks are quite smart and understand banking and the Internet quite well. They research companies and individuals online and then use the information found in various places to construct their frauds. She then explores in some depth a recent fraud that was perpetrated when the crook was able to defraud a customer looking to open a new account, after seeing a seemingly innocuous tweet. By examining what happened, it is possible to understand (to some extent anyway), how crooks think and operate. This information provides insights into how every company can learn to protect itself.

Host: Mary Schaeffer (www.ap-now.com)

Sponsor: Stampli (www.stampli.com/APNow)

Credit: Music: https://www.purple-planet.com

Tags: accounts payable, Mary Schaeffer, podcast, AP Now, APNow, AP Now podcast, fraud, payment fraud, push payment fraud, authorized push payment fraud, authorized push payment fraud, accounting, Stampli, invoice automation, Billy the Bot.