What is business payment fraud?

Business Payment Fraud (BPOF) occurs when someone uses an account belonging to another person or company without permission. It happens when someone takes out a loan, buys merchandise, or makes other payments on behalf of someone else. The victim may not even know they were scammed until after the fact. The most common business payment frauds are phishing, identity theft and money laundering.

Why is business payment fraud on the rise?

Payment fraud happens when someone uses stolen credentials to access an account and transfer funds out of it. It's usually done via email phishing scams, where scammers send emails pretending to be from a legitimate company asking users to enter their personal details (such as username/password) into fake websites. Once they've got those details, the scammer has full control over the victim's bank account.

How can a business avoid payment fraud?

Payment fraud occurs when someone attempts to use another person's account without their permission. It may be an attempt to steal funds or commit other crimes such as identity theft. The best way to prevent payment fraud is to ensure that all transactions are authorized by the customer. For example, businesses should never allow customers to purchase items without first verifying their identities. They should also verify the authenticity of orders before processing them.

Product

Plooto Amplifies Customer Value with Latest Experience Team Promotions

By Randy Lasnick

26 Jul 2022

Plooto proudly announces the promotion of two Experience Team members!

Cherry Dela Pena is being promoted to Experience Quality & Training Manager.
Beenish Tariq is being promoted to Experience Escalation Manager.

Since 2019, Cherry has played a vital role in supporting our customers and in helping improve the overall customer experience. With the Experience Team's growth over the last year, she will work to ensure our customers continue to enjoy a world-class customer experience!

Beenish has been with Plooto since 2020. Her expertise and knowledge of the Plooto product have helped us deliver faster and more effective customer support. As the Experience Team grows, she will continue optimizing how we provide efficient and timely solutions to our customers.

We believe that investing in our team members will only accelerate our success. With over 7500+ customers, new product innovation, and an ever-growing team of Plootonians, it is a very exciting time at Plooto!

We celebrate these two amazing Plootonians and their impact on helping our customers — and the Plootoverse — succeed!