Just as Bill.com are always innovating to simplify your business payments, they are always working to proactively help you protect yourself and your business from payments fraud. One increasingly common type of fraud—and the largest cause of payment loss—is called Business Email Compromise (BEC).
In this scheme, criminals use email systems to:
- Impersonate an employee or executive requesting that payments be made to an illegitimate vendor or bank account
- Impersonate an existing vendor to provide illegitimate bank account information for future payments
Using fraud prevention best practices and processes can help protect your business and reduce the risk of loss. To learn more, review Bill.com's updated Bill.com Support Center article, which includes:
- Bill.com features that help guard against BEC
- Suggested best practices and controls
- Additional resources for BEC prevention
The risk of losses increases if you don't use appropriate fraud-prevention best practices and processes. Unfortunately, Bill.com cannot guarantee the recovery of funds after fraud or error has occurred. That’s why protecting yourself against BEC is so urgent. As explained in their Terms of Service, you may be liable for unauthorized or fraudulent payments originated using an authorized users' security credentials.