AI-Driven Executive Impersonations Emerge as Significant Threat to Business Payment Processes, According to New Trustmi Survey

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Jul 31, 2024, 09:00 ET

Business Email Compromise (42%) Remains a Top Source of Payment Fraud

NEW YORK, July 31, 2024 /PRNewswire/ -- Trustmi, the leader in business payment security, today released The State of Business Payment Security in the U.S. report. The results detail the findings of 516 finance professionals, including CFOs, treasurers, and accounts payable professionals, about the state of their business payment security processes. According to the survey, 22% of respondents have already been targeted by AI-driven deepfake and executive impersonation attacks. With the rise of generative AI, attackers are deploying increasingly sophisticated cyberattacks that pose new challenges for finance and cybersecurity teams.

While AI-driven attacks are gaining momentum, companies continue to contend with existing threats. Fifty percent said they experienced business payment fraud resulting from human error and 42% reported fraud from business email compromise (BEC) attacks. Other fraud sources include social engineering schemes (almost 20%) and employee collusion (nearly 16%).

According to Trustmi's research, a lack of visibility over payment processes persists. Nearly 58% of respondents had a fraud prevention solution, yet they lacked visibility into payment fraud activity. This includes insights into how much money they lost due to payment fraud in the past 12 months.

According to the research:

Less than one-third (28%) knew with certainty that their organization had experienced business payment fraud.
Nearly 22% of respondents did not know if their organization had experienced business payment fraud.
48% did not know how many times their organization had been targeted with payment fraud attempts in the past 12 months.
51% did not know how much money their organization had lost due to payment fraud.

"Finance teams face unprecedented challenges when it comes to payment fraud, battling emerging AI-powered threats while trying to identify and stop losses stemming from avoidable human error," said Shai Gabay, Trustmi co-founder and CEO. "To overcome these issues, businesses need AI-powered, end-to-end fraud prevention technology capable of automating their B2B payment processes while providing the visibility required to prevent fraud from all attack vectors and loss from needless human errors."

The survey found that many businesses lack automated business payment processes. Only 32% currently operate automated payment processes. Most (41%) automate some aspects of their workflow, while nearly 27% still rely on manual operations. This lack of automation creates even greater challenges for businesses with payment processes that involve multiple technology solutions. According to the research, 54% reported that their payment processes involve up to five technology solutions, with 12% using up to 10 solutions and 7% relying on 15 or more solutions within their payment technology stack.

Trustmi helps companies protect their bottom line by eliminating losses from cyberattacks, internal collusion, and human error and ensuring payments go to the right place. Trustmi enables finance and security teams to secure payment processes and manage vendors by connecting payment data and activity across an organization's siloed systems more effectively and efficiently. Trustmi's platform is a flexible solution that layers seamlessly onto existing systems to secure payments across the entire flow, boosting efficiency and reducing manual work. The easy-to-use interface allows full control so businesses can run their payment process without changing or interrupting their workflows.

Access The State of Business Payment Security in the U.S. report here.

About Trustmi
Trustmi is the only end-to-end payment security solution that helps businesses protect their bottom line by eliminating losses from cyberattacks, internal collusion, and human error. Trustmi's flexible and modular solution offers businesses complete control to use only the tools they need for securing their payment processes and managing their vendors. Founded in 2021 by Shai Gabay and Eli Ben Nun, Trustmi is headquartered in Tel Aviv with an office in New York City. For more information, visit https://www.trustmi.ai/.

Contact
Michelle Baum for Trustmi
[email protected]

SOURCE Trustmi