Credit and Collections

VIDEO: Protecting Your Business from Fraud

Keep yourself safe from fraud with these tips from ‘Credit Overlord’ Thea Dudley

The Association for Financial Professionals released its annual survey of treasury practitioners, revealing some startling statistics about just how vulnerable businesses are to fraud attacks and attempts.

In this episode, Thea Dudley, owner of Pocket Protectors, speaks with RC Publisher Jill Bloom about the survey’s findings and what roofing contractors can do to protect themselves from fraud and other schemes.

For instance, according to the survey, 80% of organizations were the victims of payment fraud in 2023, a 15 percentage point increase from 2022. The most vulnerable payment method for fraud is checks, with 65% of respondents reporting they experienced fraud of this type.

For the first time in history of the survey, ACH credits surpassed wires as the most vulnerable payment type for BEC, or business email compromise fraud.

“That's a lot of that hacking — that going into your system and being able to maybe divert the funds by sending a phishing or a smishing email,” she said. “Before you know it, you've changed your bank account and all your money's going somewhere else.”

There is some good news in the report. Of those who were victims, 30% said they were unsuccessful in recovering the stolen funds but 41% said they did recover at least three-quarters of the lost funds.

Dudley breaks down what contractors can to do shore up their financial security and help prevent fraud in their business, from implementing cyber security training to using payment portals.

View the full episode here, or download the podcast version and listen at your leisure.

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Chris Gray is the editor of Roofing Contractor and Roofing Supply Pro. He has worked in the fields of journalism and copywriting for nearly 20 years, ranging from local print newspapers to the multi-media promotion of international artists.

Reach him at 248-244-6498 or grayc@bnpmedia.com.

Jill Bloom is the innovative Group Publisher of Roofing Contractor, Walls & Ceilings, Building Enclosure, Roofing Supply Pro, and the highly regarded Best of Success event. With a deep commitment to advancing the roofing, construction, and building enclosure industries, Jill oversees a robust portfolio of publications, podcasts, and events that empower professionals with knowledge, inspiration, and connections.

Her brands deliver exceptional value across multiple platforms, including:

Techos y Más, the Spanish-language eNews of Roofing Contractor.
Safety Advisor, an eNews focused on critical resources for jobsite safety.
Thermal Talk, an eNews focused on insights and news for the insulation contractor.
eRock, a leading eNews for drywall contractors.
The Enclosure Experts podcast, offering architects deep insights into building enclosure technologies.
If Walls Could Talk, a podcast dedicated to exploring trends and innovations for the wall and ceiling contractor.
The Best of Success Podcast, providing thought leadership and practical advice for roofing professionals.

Jill’s passion for professional development and fostering industry connections is exemplified by the Best of Success event, a premier gathering of contractors, suppliers, and thought leaders for unmatched education and networking.

With more than 30-plus years of leadership experience in the roofing, insulation and LBM industry, Thea Dudley is a frequent contributor to numerous industry publications, a sought after speaker at industry events, podcasts and virtual learning. She can be reached at theadudley@charter.net.