Protect Your Restaurants from Invoice Fraud through Technology

In this time of economic insecurity, payments fraud has the potential to hit businesses harder than ever before. Currently, the average US business is losing $300,000 to payments fraud each year according to the latest Financial Census, a study which surveyed 2,750 senior finance executives across the globe - 15 percent of whom work in the retail, catering and leisure industry.

This staggering annual loss to fraud is important to note, as the report findings come at a time when US restaurants in particular are experiencing a surge in returning workers and restaurant revenue. This surge of revenue and demand for food related services - mostly paid for through digital, contactless transactions - could potentially attract cybercriminals to commit acts of fraud all the more. This is due to two reasons. 

Firstly, many restaurants haven’t secured their payment processes enough to keep up with burgeoning “distanced” payments in the form of online ordering on a restaurant website, QR…