{"id":4710,"date":"2024-07-31T15:17:42","date_gmt":"2024-07-31T20:17:42","guid":{"rendered":"https:\/\/www.darkreading.com\/threat-intelligence\/ai-driven-executive-impersonations-emerge-as-significant-threat-to-business-payment-processes"},"modified":"2024-07-31T15:17:42","modified_gmt":"2024-07-31T20:17:42","slug":"ai-driven-executive-impersonations-emerge-as-significant-threat-to-business-payment-processes","status":"publish","type":"post","link":"https:\/\/ddi.mohflo.net\/index.php\/2024\/07\/31\/ai-driven-executive-impersonations-emerge-as-significant-threat-to-business-payment-processes\/","title":{"rendered":"AI-Driven Executive Impersonations Emerge As Significant Threat to Business Payment Processes"},"content":{"rendered":"<div class=\"media_block\"><a href=\"https:\/\/i0.wp.com\/eu-images.contentstack.com\/v3\/assets\/blt6d90778a997de1cd\/blt850556f866500627\/654a5a8e05eb4d040a046894\/325351_DR23_Graphics_General_Large_Text_v1.png?ssl=1\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ddi.mohflo.net\/wp-content\/uploads\/2024\/08\/ai-driven-executive-impersonations-emerge-as-significant-threat-to-business-payment-processes.png?w=640&#038;ssl=1\" class=\"media_thumbnail\"><\/a><\/div>\n<div><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ddi.mohflo.net\/wp-content\/uploads\/2024\/08\/ai-driven-executive-impersonations-emerge-as-significant-threat-to-business-payment-processes.png?w=640&#038;ssl=1\" class=\"ff-og-image-inserted\"><\/div>\n<p class=\"ContentParagraph ContentParagraph_align_left\" data-testid=\"content-paragraph\"><span class=\"ContentText ContentText_variant_bodyNormal\" data-testid=\"content-text\"><span class=\"ContentText-BodyTextChunk ContentText-BodyTextChunk_bold\">PRESS RELEASE<\/span><\/span><\/p>\n<p class=\"ContentParagraph ContentParagraph_align_left\" data-testid=\"content-paragraph\"><span class=\"ContentText ContentText_variant_bodyNormal\" data-testid=\"content-text\"><span class=\"ContentText-BodyTextChunk ContentText-BodyTextChunk_bold\">NEW YORK,&nbsp;July 31, 2024&nbsp;\/PRNewswire\/ &#8212;<\/span><\/span><span class=\"ContentText ContentText_variant_bodyNormal\" data-testid=\"content-text\">&nbsp;<\/span><span class=\"ContentText ContentText_variant_bodyNormal\" data-testid=\"content-text\"><a class=\"ContentText-BodyTextChunk ContentText-BodyTextChunk_link\" target=\"_blank\" href=\"https:\/\/www.trustmi.ai\" rel=\"noopener\">Trustmi<\/a><\/span><span class=\"ContentText ContentText_variant_bodyNormal\" data-testid=\"content-text\"> today released&nbsp;<\/span><span class=\"ContentText ContentText_variant_bodyNormal\" data-testid=\"content-text\"><a class=\"ContentText-BodyTextChunk ContentText-BodyTextChunk_link\" target=\"_blank\" href=\"https:\/\/www.trustmi.ai\/reports\/the-state-of-business-payment-security-in-the-us\" rel=\"noopener\">The State of Business Payment Security<\/a><\/span><span class=\"ContentText ContentText_variant_bodyNormal\" data-testid=\"content-text\">&nbsp;in the U.S. report. The results detail the findings of 516 finance professionals, including CFOs, treasurers, and accounts payable professionals, about the state of their business payment security processes. According to the survey, 22% of respondents have already been targeted by AI-driven deepfake and executive impersonation attacks. With the rise of generative AI, attackers are deploying increasingly sophisticated cyberattacks that pose new challenges for finance and cybersecurity teams.<\/span><\/p>\n<p class=\"ContentParagraph ContentParagraph_align_left\" data-testid=\"content-paragraph\"><span class=\"ContentText ContentText_variant_bodyNormal\" data-testid=\"content-text\">While AI-driven attacks are gaining momentum, companies continue to contend with existing threats. Fifty percent said they experienced business payment&nbsp;fraud&nbsp;resulting from human error and 42% reported&nbsp;fraud&nbsp;from business email compromise (BEC) attacks. Other&nbsp;fraud&nbsp;sources include social engineering schemes (almost 20%) and employee collusion (nearly 16%).<\/span><\/p>\n<p class=\"ContentParagraph ContentParagraph_align_left\" data-testid=\"content-paragraph\"><span class=\"ContentText ContentText_variant_bodyNormal\" data-testid=\"content-text\">According to Trustmi&#8217;s research, a lack of visibility over payment processes persists. Nearly 58% of respondents had a&nbsp;fraud&nbsp;prevention solution, yet they lacked visibility into payment&nbsp;fraud&nbsp;activity. This includes insights into how much money they&nbsp;lost due to payment&nbsp;fraud&nbsp;in the past 12 months.<\/span><\/p>\n<p class=\"ContentParagraph ContentParagraph_align_left\" data-testid=\"content-paragraph\"><span class=\"ContentText ContentText_variant_bodyNormal\" data-testid=\"content-text\">According to the research:<\/span><\/p>\n<div data-component=\"basic-list\" class=\"BasicList BasicList_nestedLevel_0 BasicList_variant_unordered BasicList_limited\">\n<ul data-testid=\"basic-list-unordered\" class=\"BasicList-UnorderedList\">\n<li>\n<div class=\"BasicList-ListItem BasicList-ListItem_variant_unordered\" readability=\"6.5\"><span data-component=\"icon\" data-name=\"Circle\" class=\"BasicList-ListIcon BasicList-ListIcon_variant_unordered\"><\/span><\/p>\n<div class=\"BasicList-Item\" readability=\"8\">\n<p class=\"ContentParagraph ContentParagraph_align_left\" data-testid=\"content-paragraph\"><span class=\"ContentText ContentText_variant_bodyNormal\" data-testid=\"content-text\">Less than one-third (28%) knew with certainty that their organization had experienced business payment&nbsp;fraud.<\/span><\/p>\n<\/div>\n<\/div>\n<\/li>\n<li>\n<div class=\"BasicList-ListItem BasicList-ListItem_variant_unordered\" readability=\"6.5\"><span data-component=\"icon\" data-name=\"Circle\" class=\"BasicList-ListIcon BasicList-ListIcon_variant_unordered\"><\/span><\/p>\n<div class=\"BasicList-Item\" readability=\"8\">\n<p class=\"ContentParagraph ContentParagraph_align_left\" data-testid=\"content-paragraph\"><span class=\"ContentText ContentText_variant_bodyNormal\" data-testid=\"content-text\">Nearly 22% of respondents did not know if their organization had experienced business payment&nbsp;fraud.<\/span><\/p>\n<\/div>\n<\/div>\n<\/li>\n<li>\n<div class=\"BasicList-ListItem BasicList-ListItem_variant_unordered\" readability=\"6.5\"><span data-component=\"icon\" data-name=\"Circle\" class=\"BasicList-ListIcon BasicList-ListIcon_variant_unordered\"><\/span><\/p>\n<div class=\"BasicList-Item\" readability=\"8\">\n<p class=\"ContentParagraph ContentParagraph_align_left\" data-testid=\"content-paragraph\"><span class=\"ContentText ContentText_variant_bodyNormal\" data-testid=\"content-text\">48% did not know how many times their organization had been targeted with payment&nbsp;fraud&nbsp;attempts in the past 12 months.<\/span><\/p>\n<\/div>\n<\/div>\n<\/li>\n<li>\n<div class=\"BasicList-ListItem BasicList-ListItem_variant_unordered\" readability=\"6\"><span data-component=\"icon\" data-name=\"Circle\" class=\"BasicList-ListIcon BasicList-ListIcon_variant_unordered\"><\/span><\/p>\n<div class=\"BasicList-Item\" readability=\"7\">\n<p class=\"ContentParagraph ContentParagraph_align_left\" data-testid=\"content-paragraph\"><span class=\"ContentText ContentText_variant_bodyNormal\" data-testid=\"content-text\">51% did not know how much money their organization had lost due to payment&nbsp;fraud.<\/span><\/p>\n<\/div>\n<\/div>\n<\/li>\n<\/ul>\n<\/div>\n<p class=\"ContentParagraph ContentParagraph_align_left\" data-testid=\"content-paragraph\"><span class=\"ContentText ContentText_variant_bodyNormal\" data-testid=\"content-text\">&#8220;Finance teams face unprecedented challenges when it comes to payment&nbsp;fraud, battling emerging AI-powered threats while trying to identify and stop losses stemming from avoidable human error,&#8221; said&nbsp;Shai Gabay, Trustmi co-founder and CEO. &#8220;To overcome these issues, businesses need AI-powered, end-to-end&nbsp;fraud&nbsp;prevention technology capable of automating their B2B payment processes while providing the visibility required to prevent&nbsp;fraud&nbsp;from all attack vectors and loss from needless human errors.&#8221;<\/span><\/p>\n<p class=\"ContentParagraph ContentParagraph_align_left\" data-testid=\"content-paragraph\"><span class=\"ContentText ContentText_variant_bodyNormal\" data-testid=\"content-text\">The survey found that many businesses lack automated business payment processes. Only 32% currently operate automated payment processes. Most (41%) automate some aspects of their workflow, while nearly 27% still rely on manual operations. This lack of automation creates even greater challenges for businesses with payment processes that involve multiple technology solutions. According to the research, 54% reported that their payment processes involve up to five technology solutions, with 12% using up to 10 solutions and 7% relying on 15 or more solutions within their payment technology stack.<\/span><\/p>\n<p class=\"ContentParagraph ContentParagraph_align_left\" data-testid=\"content-paragraph\"><span class=\"ContentText ContentText_variant_bodyNormal\" data-testid=\"content-text\">Trustmi helps companies protect their bottom line by eliminating losses from cyberattacks, internal collusion, and human error and ensuring payments go to the right place. Trustmi enables finance and security teams to secure payment processes and manage vendors by connecting payment data and activity across an organization&#8217;s siloed systems more effectively and efficiently.&nbsp;Trustmi&#8217;s platform is a flexible solution that layers seamlessly onto existing systems to secure payments across the entire flow, boosting efficiency and reducing manual work. The easy-to-use interface allows full control so businesses can run their payment process without changing or interrupting their workflows.<\/span><\/p>\n<p class=\"ContentParagraph ContentParagraph_align_left\" data-testid=\"content-paragraph\"><span class=\"ContentText ContentText_variant_bodyNormal\" data-testid=\"content-text\">Access The State of Business Payment Security in the U.S. report&nbsp;<\/span><span class=\"ContentText ContentText_variant_bodyNormal\" data-testid=\"content-text\"><a class=\"ContentText-BodyTextChunk ContentText-BodyTextChunk_link\" target=\"_blank\" href=\"https:\/\/www.trustmi.ai\/reports\/the-state-of-business-payment-security-in-the-us\" rel=\"noopener\">here<\/a><\/span><span class=\"ContentText ContentText_variant_bodyNormal\" data-testid=\"content-text\">.<\/span><\/p>\n<p class=\"ContentParagraph ContentParagraph_align_left\" data-testid=\"content-paragraph\"><span class=\"ContentText ContentText_variant_bodyNormal\" data-testid=\"content-text\"><span class=\"ContentText-BodyTextChunk ContentText-BodyTextChunk_bold\">About Trustmi<\/span><\/span><br \/><span class=\"ContentText ContentText_variant_bodyNormal\" data-testid=\"content-text\">Trustmi is the only end-to-end payment security solution that helps businesses protect their bottom line by eliminating losses from cyberattacks, internal collusion, and human error. Trustmi&#8217;s flexible and modular solution offers businesses complete control to use only the tools they need for securing their payment processes and managing their vendors. Founded in 2021 by&nbsp;Shai Gabay&nbsp;and Eli Ben Nun, Trustmi is headquartered in&nbsp;Tel Aviv&nbsp;with an office in&nbsp;New York City. For more information, visit&nbsp;<\/span><span class=\"ContentText ContentText_variant_bodyNormal\" data-testid=\"content-text\"><a class=\"ContentText-BodyTextChunk ContentText-BodyTextChunk_link\" target=\"_blank\" href=\"https:\/\/www.trustmi.ai\" rel=\"noopener\">https:\/\/www.trustmi.ai\/<\/a><\/span><span class=\"ContentText ContentText_variant_bodyNormal\" data-testid=\"content-text\">.<\/span><\/p>\n<p><a href=\"https:\/\/www.darkreading.com\/threat-intelligence\/ai-driven-executive-impersonations-emerge-as-significant-threat-to-business-payment-processes\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PRESS RELEASE NEW YORK,&nbsp;July 31, 2024&nbsp;\/PRNewswire\/ &#8212;&nbsp;Trustmi today released&nbsp;The State<\/p>\n","protected":false},"author":12,"featured_media":4711,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[809],"class_list":["post-4710","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-dark-reading"],"featured_image_urls":{"full":["https:\/\/i0.wp.com\/ddi.mohflo.net\/wp-content\/uploads\/2024\/08\/ai-driven-executive-impersonations-emerge-as-significant-threat-to-business-payment-processes.png?fit=3840%2C2160&ssl=1",3840,2160,false],"thumbnail":["https:\/\/i0.wp.com\/ddi.mohflo.net\/wp-content\/uploads\/2024\/08\/ai-driven-executive-impersonations-emerge-as-significant-threat-to-business-payment-processes.png?resize=150%2C150&ssl=1",150,150,true],"medium":["https:\/\/i0.wp.com\/ddi.mohflo.net\/wp-content\/uploads\/2024\/08\/ai-driven-executive-impersonations-emerge-as-significant-threat-to-business-payment-processes.png?fit=300%2C169&ssl=1",300,169,true],"medium_large":["https:\/\/i0.wp.com\/ddi.mohflo.net\/wp-content\/uploads\/2024\/08\/ai-driven-executive-impersonations-emerge-as-significant-threat-to-business-payment-processes.png?fit=640%2C360&ssl=1",640,360,true],"large":["https:\/\/i0.wp.com\/ddi.mohflo.net\/wp-content\/uploads\/2024\/08\/ai-driven-executive-impersonations-emerge-as-significant-threat-to-business-payment-processes.png?fit=640%2C360&ssl=1",640,360,true],"1536x1536":["https:\/\/i0.wp.com\/ddi.mohflo.net\/wp-content\/uploads\/2024\/08\/ai-driven-executive-impersonations-emerge-as-significant-threat-to-business-payment-processes.png?fit=1536%2C864&ssl=1",1536,864,true],"2048x2048":["https:\/\/i0.wp.com\/ddi.mohflo.net\/wp-content\/uploads\/2024\/08\/ai-driven-executive-impersonations-emerge-as-significant-threat-to-business-payment-processes.png?fit=2048%2C1152&ssl=1",2048,1152,true],"chromenews-featured":["https:\/\/i0.wp.com\/ddi.mohflo.net\/wp-content\/uploads\/2024\/08\/ai-driven-executive-impersonations-emerge-as-significant-threat-to-business-payment-processes.png?fit=1024%2C576&ssl=1",1024,576,true],"chromenews-large":["https:\/\/i0.wp.com\/ddi.mohflo.net\/wp-content\/uploads\/2024\/08\/ai-driven-executive-impersonations-emerge-as-significant-threat-to-business-payment-processes.png?resize=825%2C575&ssl=1",825,575,true],"chromenews-medium":["https:\/\/i0.wp.com\/ddi.mohflo.net\/wp-content\/uploads\/2024\/08\/ai-driven-executive-impersonations-emerge-as-significant-threat-to-business-payment-processes.png?resize=590%2C410&ssl=1",590,410,true]},"author_info":{"display_name":"Dark Reading","author_link":"https:\/\/ddi.mohflo.net\/index.php\/author\/darkreading\/"},"category_info":"<a href=\"https:\/\/ddi.mohflo.net\/index.php\/category\/uncategorized\/\" rel=\"category tag\">Uncategorized<\/a>","tag_info":"Uncategorized","comment_count":"0","jetpack_featured_media_url":"https:\/\/i0.wp.com\/ddi.mohflo.net\/wp-content\/uploads\/2024\/08\/ai-driven-executive-impersonations-emerge-as-significant-threat-to-business-payment-processes.png?fit=3840%2C2160&ssl=1","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/ddi.mohflo.net\/index.php\/wp-json\/wp\/v2\/posts\/4710","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ddi.mohflo.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ddi.mohflo.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ddi.mohflo.net\/index.php\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/ddi.mohflo.net\/index.php\/wp-json\/wp\/v2\/comments?post=4710"}],"version-history":[{"count":0,"href":"https:\/\/ddi.mohflo.net\/index.php\/wp-json\/wp\/v2\/posts\/4710\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ddi.mohflo.net\/index.php\/wp-json\/wp\/v2\/media\/4711"}],"wp:attachment":[{"href":"https:\/\/ddi.mohflo.net\/index.php\/wp-json\/wp\/v2\/media?parent=4710"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ddi.mohflo.net\/index.php\/wp-json\/wp\/v2\/categories?post=4710"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ddi.mohflo.net\/index.php\/wp-json\/wp\/v2\/tags?post=4710"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}