RICHMOND, VA, USA, August 24, 2023/EINPresswire.com/ — A recent report from Government Technology Insider found that payments fraud is a growing crisis for the public sector, with an estimated 95% of agencies being attacked. Paymerang, a leading financial automation platform, provides accounts payable (AP) automation to public sector clients focused on reducing risks and security vulnerabilities.
“Payment fraud lurks in the shadows of every transaction. Implementing sophisticated systems and training your team to decipher fraudsters’ habits is necessary, especially when it comes to your organization’s financial integrity” said Sierre Lindgren, Paymerang’s Senior Fraud Analyst.
Local government agencies specifically face many challenges that they are often under-resourced to meet. This includes ransomware and malware attacks along with complex payments fraud and impersonation attempts. Government Technology Insider reported that the median loss for payment fraud at local agencies is $114K with more than 25% of losses being over $1 million.
Such attacks can shut down a city or town’s operations for days or even weeks and create critical vulnerabilities in a government’s abilities to serve the public.
The COVID-19 pandemic furthered the increase in fraud through abuses to pandemic-related relief programs. An estimated $163 billion in pandemic employment benefits were reportedly misspent or stolen according to The Washington Post.
Antiquated technology and reliance on significant amounts of paper-based documentation is a leading factor contributing to the vulnerabilities that government agencies face. Manual processes to administrate payment requests and invoices along with a lack of sophisticated fraud detection mechanisms can create an environment where fraud can easily be perpetrated with large amounts of taxpayer money up for grabs.
The complex approval hierarchies in municipal departments and regulatory requirements add to the struggle to remove bottlenecks from the disparate systems.
Paymerang serves public sector clients to provide greater security and reduced fraud risk through seamless automation of payments and invoicing. Financial automation that introduces stringent fraud detection, reduces manual processes and eliminates paper checks significantly lowers an agency’s fraud risk and protects continuity of government services. Paymerang uses security measures to help stop hundreds of fraud attacks yearly using features like encrypted account data, Positive Pay, and multi-factor authentication.
About Paymerang
Paymerang provides a streamlined invoice and payment automation platform that brings Accounts Payable (AP) departments into the modern age. Paymerang’s platform saves AP departments thousands of hours annually, enhances visibility, increases accuracy, and improves efficiency, while reducing paper, fraud risks, and operating costs. Learn more at https://www.paymerang.com/.
Megan Yardis
Paymerang
+1 804-301-1249
email us here
Originally published at https://www.einpresswire.com/article/651372439/payment-fraud-is-a-growing-crisis-for-gov-agencies-with-estimated-95-of-agencies-being-attacked
