Social engineering tactics such as impersonation and manipulation are among the most common methods used by fraudsters to steal funds from businesses, cyber security and payment fraud experts have warned.

Jon Soldan, CEO of payment fraud prevention firm Eftsure, told Cyber Daily’s sister brand, Accounting Times, that impersonation tactics were often used by cyber criminals to extract funds from accounts payable teams.

“What we see the most of is vendor impersonation, executive impersonation, where fraudsters are impersonating their suppliers or executives to get accounts payable teams in particular to make fraudulent payments,” Soldan said.