In 2022, more than 255 million phishing attacks were reported by businesses—a 61% increase from 2021. However, as hacker skills become more sophisticated, cyber security and e-pay protection have become one of the fastest-growing fields of industry.

Phishing refers to cyber attackers attempting to trick users into providing personal financial information via clicking on a corrupted link that will download malware, or lead them to a shady website. These scams can manifest through fraudulent emails, phone calls, texts, or social media messaging.

Today, phishing prevention has become even more essential, as cybercriminals have become even savvier with their disguises and methods.

The number of attacks that bait unsuspecting victims into handing over bank account data, social security numbers, and credit card information is experiencing a steady rise, so defending your organization’s financial information should be of paramount importance.

Recognizing Targeted Phishing Scams

Years ago, phishing scams may have been easier to detect. Now, as scammers become more complex and sophisticated in their attacks, they’re more difficult to recognize.

In the most typical scenario, your company may receive an email that appears to come from a reputable business, perhaps one you conduct business with. This email will likely warn you of a serious problem that requires your immediate attention, often encouraging the user to click a link directing them to the organization’s website.

In this case, a pop-up window will quickly appear with the intent of stealing your personal financial information by asking you to update any account information, such as your social security number, your password, your account number, or any information you use to verify your identity when speaking to a real financial institution.

Keep in mind that email is not the only method by which this can occur; scammers may resort to phone calls, texts, or even social media connections.

While these phishing scams may sound obvious, they can be discreetly disguised through carefully crafted web pages and unsuspecting emails.

The first step to prevent your business from becoming a phishing victim is by never providing private company financial information to an unsolicited request—no matter how legitimate it may seem.

Internet pages and emails designed by phishers may look exactly like the real thing. In some cases, they may feature a fake padlock icon that is ordinarily used to indicate a secure website. But to ensure your company’s safety, it’s wise not to give in to these strategies.

Likewise, you should never provide your password over the phone or in response to an unsolicited Internet request. Any reputable financial institution would never ask you to verify your financial account information online, so beware of these types of scams.

Lastly, keep an eye on account statements to ensure all charges are correct. Consistently verifying these statements can help guard your business against phishers, and periodically reviewing activity online can help you spot suspicious activity.

How Implementing an E-Pay Protection Strategy Can Help

In today’s digital world, your cyber security team must work diligently to prevent falling victim to these types of attacks. One security incident can put an entire organization in jeopardy, costing time and money, and even damaging your reputation.

Ensuring your digital payment processes are safe and secure is crucial to your cyber security efforts. Especially when it comes to handling supplier payments, maintaining a smart-pay system that combats the risk of fraud can elevate your business practices.

That’s where implementing an e-pay security strategy comes in.

With comprehensive e-pay protection tools, hiring a third party can offer modern security measures that allow companies like yours to rest easy—providing you with greater visibility into payment reporting and analytics.

Defending Your Organization with BirchStreet Pay

Phishing attacks aren’t unique to a specific industry. Organizations of all fields are facing challenges in preventing attacks and protecting their private information.

As scammers become more refined in their attacks, it becomes all the more crucial for businesses to do their part in amplifying their cyber security measures.

With BirchStreet Pay, your company not only safeguards supplier payments, but also utilizes user-friendly interfaces with fast payments, obtains real-time visibility in spend control and compliance, and reduces risks of fraud. This smart-pay system ensures your procurement processes are digitized and payments are seamlessly transferred—securing your company’s reputation in the process paying for itself through rebate, saving you and your team valuable money and time.

About BirchStreet Systems

Founded in 2002, BirchStreet is the leading global provider of enterprise procure-to-pay solutions for the hospitality sector. BirchStreet's software platform provides leading global hospitality brands with a full suite of procurement applications, including eProcurement software, accounts payable automation, invoice management, inventory management, recipe management, supplier payments, and reporting and analytics. BirchStreet's customers leverage the company's solutions to access a broad network of suppliers and manage billions of dollars of spend annually across a wide variety of categories, including food and beverage, operating supplies, maintenance services and capital projects. For more information, please visit www.birchstreetsystems.com.

Gareth Fraser
Vice President of Sales & Marketing Enablement
BirchStreet Systems

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