by Kristine M. Stauffer November 17, 2021
During 2020, 74% of companies were targets of payment fraud according to JP Morgan. JP Morgan also reported COVID-19 related web domain registrations are up 750% since the beginning of 2020. These staggering statistics are both alarming and potentially crippling depending on your organization, especially healthcare. Healthcare providers use many forms of communication like facsimile, email, texts and telephone calls to protect patient data but can still be a victim to the evolving fraud schemes such as, phone calls pretending to work for government payers to gain information, for example. Healthcare providers that become victims to these attacks will soon become aware of how costly these attacks become, usually costing thousands of dollars.
Business compromised email is becoming the latest trend in payment fraud. These attacks occur when uninformed healthcare employees fall victim to email instructions that look and appear to be from familiar contacts. These emails can shut down your system or infiltrate your system for protected health information. It’s important that all healthcare providers have continued training and education for all staff. By helping your organization, you are helping the greater good and are able to promote healthy business habits for you and your staff.
According to the Association for Financial Professionals, only 57% of companies with less than $1Billion revenue have a fraud policy. Do your diligence to add effort and resilience to your fraud mitigation. The more your employees know, the more they can be good shepherds in corralling good habits for all in the campaign against fraud.