What are the most common types of payment fraud in the events industry?

The most common types include vendor fraud (e.g., fake vendors, impersonation), invoice fraud (e.g., duplicate or fake invoices), unauthorized payments (e.g., internal collusion, phishing), and credit card fraud (e.g., stolen card use, chargebacks). These often exploit the high volume and speed of event transactions.

How does Eved's virtual card system prevent fraud for event payments?

Eved's virtual cards enhance security by allowing users to set specific spending limits, merchant restrictions, and expiration dates for each card. This means a card can only be used for its intended purpose, amount, and timeframe, significantly reducing the risk of unauthorized use, data breaches, and subsequent fraudulent transactions.

Can Eved's AP automation help detect fraudulent invoices for events?

Absolutely. Eved's AP automation includes features like automated invoice matching against purchase orders and contracts, multi-level approval workflows, and AI-powered anomaly detection. These capabilities automatically flag discrepancies, duplicate invoices, or suspicious payment requests, enabling early fraud detection in events before payments are processed.

What security measures does Eved have in place for event payment processing?

Eved employs a multi-layered security approach including end-to-end encryption, robust access controls, regular security audits, and compliance with industry standards. Our platform also utilizes virtual cards for secure transactions, comprehensive audit trails, and AI-driven monitoring to ensure the highest level of event payment security and payment fraud prevention for events.

How does Eved help protect against vendor impersonation fraud?

Eved's platform includes stringent vendor verification processes during onboarding and requires re-verification for any changes to critical vendor information, such as banking details. This ensures that payments are always made to legitimate, verified vendors and prevents fraudsters from redirecting funds by impersonating a trusted supplier.

What is payment fraud prevention for events?

Payment fraud prevention for events involves implementing strategies and technologies to protect an event's financial transactions from various fraudulent activities, such as fake vendors, duplicate invoicing, and internal fraud. This safeguards the event budget, maintains vendor trust, and protects the organizer's reputation.

How does Eved help prevent payment fraud in the events industry?

Eved helps prevent payment fraud in the events industry through its AI-led global AP & payments platform, which offers secure vendor onboarding, automated invoice processing with duplicate detection, robust approval workflows, and secure virtual card solutions for controlled spending.

What are common types of payment fraud in events and entertainment?

Common types of payment fraud in events and entertainment include vendor fraud (fake vendors, ghost employees), invoice fraud (duplicate invoices, inflated charges), and internal fraud (embezzlement, expense report manipulation). These can lead to significant financial losses and reputational damage.

Can virtual cards enhance payment security for events?

Yes, virtual cards significantly enhance payment security for events by allowing organizers to issue unique, single-use, or controlled-limit cards for specific vendors or expenses. This limits exposure of primary account details, reduces the risk of card compromise, and provides granular control over spending.

What is AP automation and how does it prevent fraud?

AP automation streamlines the accounts payable process by digitizing invoice processing, approvals, and payments. It prevents fraud by implementing automated checks for duplicate invoices, verifying vendor details, enforcing multi-level approval workflows, and providing real-time visibility into all transactions, reducing manual errors and opportunities for fraudulent activities.

Payment Fraud Prevention for Events | Secure Event Payments