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01/03/2020
How B2B Sellers Can Win the Arms Race Against Cyber Criminals

By Brandon Spear

Online buying has derailed traditional buyer-seller relationships. In days past, B2B sellers based credit extensions on trust. Today, those extensions are often made without ever coming face-to-face—opening up a Pandora’s box of potential fraudulent activity.

In an effort to combat fraud, B2B sellers have significantly increased the amount of buyer data they must gather before onboarding a customer. A potential pitfall of this is human error; a customer may accidentally set off a fraud-detection system by incorrectly entering data, resulting in a seller rejecting their application instead of accepting it. The seller must then recapture the data, which further delays the onboarding process. Additionally, another downside to this increased use of data is application fraud and the additional vulnerability if an account is compromised.

Easy access to data simplifies application fraud

In a highly digital environment, public information about companies is broadly available. Criminals can easily gather information like phone numbers and addresses of a company’s board of directors and change minute details so the data appears correct when they fill out the form. They wouldn’t change an entire phone number or address—that would be too easy to catch. Instead, hackers might change a single letter in an email address, making it difficult for sellers to spot the difference when manually evaluating customer data.

For example, when customers commit application fraud, pretending to be another business, they might sign up for monthly billing and 60-day terms. In this scenario, a customer could commit months of fraud, and the seller would detect the fraud only when it tries to collect payment when that customer’s first bill becomes due. By that point, the seller could be out hundreds of thousands of dollars.

It’s an arms race in many ways: Fraudsters are becoming increasingly sophisticated criminals, adept at figuring out the gaps in sellers’ onboarding processes and taking advantage of those weaknesses. On the other side, B2B sellers are left with the challenge of collecting and validating increasing amounts of buyer data.

You can read the full article on DigitalCommerce360.com.

In the Press

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01/23/2020
PayThink: B2B Must Follow the Same User Experience Rules as Consumer Payments

By Brandon Spear

Enhancing the B2B purchasing experience isn’t just crucial for keeping current customers satisfied, it’s an essential strategy for gaining new ones.

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01/14/2020
How AI is Demystifying B2B Customer Loyalty

By Dan Zimmerman

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01/03/2020
How B2B Sellers Can Win the Arms Race Against Cyber Criminals

By Brandon Spear

Online buying has derailed traditional buyer-seller relationships. In days past, B2B sellers based credit extensions on trust. Today, those extensions are often made without ever coming face-to-face—opening up a Pandora’s box of potential fraudulent activity.

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01/02/2020
Why B2B Payments Should Take a Page from B2C’s Playbook

Call it a tale of two payments trends.

Or: It was the best of cash flows. It was the worst of cash flows.

The payments realm is a bifurcated one, where business-to-customer payments are increasingly marked by speed, convenience and instant transactions.

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12/23/2019
Facilitating B2B eCommerce, Payments, and Credit as a Service®

Many businesses need to process transactions across borders, between large companies, and beyond. But how can it all run efficiently? How does the B2B eCommerce space differ from B2C eCommerce?

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12/06/2019
Curing The $2.4T Manufacturing Sector’s Cash-Flow Crunch

The U.S. manufacturing sector, valued at approximately $2.4 trillion, accounts for an estimated 11 percent of the national gross domestic product (GDP). However, U.S. manufacturing has encountered significant damage recently over the ongoing trade war with China. In fact, the U.S.

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12/04/2019
Exec: Continually Adapting Keeps 40-Year-Old B2B Solutions Provider Growing

When Brandon Spear took over as president for MSTS four years ago, the company began to shift away from what it had been focused on for 40 years prior.

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12/04/2019
Cart Abandonment Issues? It Might Be Your Outdated Payment Processes

By Brandon Spear

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12/02/2019
Four Ways Women in Business Can Succeed Without Relying on Loans

By Martha Salinas

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10/31/2019
The Future Of Venture Capital Funding Is Female

By Martha Salinas