90 per cent of businesses are at risk of fraud due to unsatisfactory payment systems

About 90 per cent of businesses are at risk of fraud because of unsatisfactory payment systems, according to payments director at Bottomline Technologies, Jim Conning.

Conning claimed that nearly all firms have some form of validation process for direct debit and credit transactions, however he said that firms are at risk of fraud, reputational damage and ultimately customer loss, depending on where in the chain the validation process takes place.

“About 50 per cent of companies are validating at the point of entry, but the other 50 per cent aren’t, and those are at risk,” he said.

The validation process is a piece of software that ensures that the sort code and account numbers exist and match one another.

SOURCE: computing.co.uk