AI scams create an opportunity for accountants

Artificial intelligence is making fraudsters smarter while simultaneously giving accountants better tools to fight back. 

While 92% of businesses worry about fraud, and cybercriminals are using AI to develop increasingly sophisticated attacks, the same technology is helping accountants detect and prevent financial crime in ways that would have seemed impossible just a few years ago.

This creates a compelling competitive opportunity for accounting firms. When potential clients are evaluating accounting partners, they want to be reassured that their data and payment processes are protected. This provides a real advantage to firms that are able to knowledgeably and confidently explain their security measures.

Small and midsized businesses are dealing with a changing threat landscape, with 56% reporting more fraud attempts over the past year and 42% reporting increasingly sophisticated cyberattacks. 

These attacks aren't the same threats your clients faced in the past. AI can now replicate voices convincingly enough to authorize wire transfers, and phishing emails have become sophisticated enough to fool even security-conscious employees. Fraudsters are timing their attacks for the busiest periods, like tax season, when staff are focused on deadlines rather than scrutinizing every communication that comes through.

This evolution means traditional verification processes are no longer sufficient as manual verification steps become less effective. The businesses that recognize this shift are actively seeking accounting firm advisors who understand these new challenges. Firms that demonstrate they are ready to meet these challenges will be in higher demand than the firms who are lagging behind.

How AI changes the security game

Fraudsters know that well-timed messages during busy periods can redirect payments to criminal accounts before anyone realizes what happened. This vulnerability is where robust employee awareness programs and AI-powered defense systems make their biggest impact. Instead of waiting for something suspicious and then investigating, these systems build intelligence directly into payment workflows and establish what "normal" looks like for each client relationship.

When something deviates from these patterns, the system flags it immediately. A vendor requesting banking changes at unusual times, payment amounts that don't match historical norms, or communications that feel off get caught automatically. With firms consistently operating short-staffed and under pressure, these systems catch subtleties that even experienced staff might miss.

Integrated payment platforms transform detection capabilities into comprehensive protection. Instead of relying on email or phone verification, these systems create secure digital channels for all payment communications. When a vendor needs to update banking information, the platform automatically requires additional verification, gets multiple approvals, and maintains detailed records. Every transaction becomes a security checkpoint rather than a potential vulnerability.

Firms that standardize AI-powered payment platforms can offer transaction-level protection that manual processes simply cannot match. The advantage lies in standardizing these AI-powered platforms before you need them, not scrambling to implement security after an incident occurs.

Building a tech stack that meets the moment

In a recent survey, 74% of accounting firms stated they plan to add new services within the next year. As firms expand their technology stacks to support growth, the security implications of these choices become increasingly important, especially in light of recent high-profile breaches affecting the financial industry.

One of the biggest challenges to overcome is technology sprawl. Using separate systems for accounts payable, accounts receivable, expense management, and reporting introduces potential security gaps with each vendor relationship. The more third-party connections a firm has, the more entry points they create for potential breaches. Recent incidents involving corporate card platforms underscore how quickly fraud can impact businesses, making vendor stability and proven security track records more critical than ever.

This is especially concerning when AI tools enter the mix, as many weren't designed with accounting firms' specific security requirements in mind. While AI can offer powerful capabilities, firms need partners with established security frameworks and real-time fraud detection systems that can identify and block suspicious activity instantly.

Smart vendor evaluation starts with the right questions. Firms should have an understanding of where their data goes, how it's stored, and who has access to it. Find out whether AI providers can access client information, if they're using it to train their models, and what happens to your data if a firm wants to leave the platform.

The alternative approach is to work with integrated platforms that handle multiple functions, and this offers a significant security advantage. When AP, AR, and spend management operate within a single system, it reduces the number of vendor relationships to manage while improving data visibility. All financial information lives in one place, making it easier to spot patterns, generate comprehensive reports, and maintain consistent security protocols across all functions.

Conclusion

The firms making these strategic technology choices now are positioning themselves for long-term success. When you can demonstrate that your clients experience fewer fraud attempts and faster resolution when issues do arise, you're not just providing a service — you're providing peace of mind. That's valuable in ways that go well beyond the immediate transaction.