Enterprise resource planning (ERP) rollouts promise modernization — but too often, they deliver risk exposure. A recent Deloitte study based on interviews with global CFOs revealed that many finance teams invest millions into ERP platforms without a clear blueprint for value or safeguards against emerging threats.
In one real-world case highlighted by a finance transformation leader, a newly implemented ERP system failed to flag a fraudulent vendor record. A bad actor, posing as a legitimate vendor, submitted a series of false invoices that were processed and paid before internal teams realized the deception. The ERP system had streamlined workflows, but also introduced vulnerabilities by auto‑approving records without independent validation.
This is not a technology failure — it’s a reflection of how evolving cyber threats exploit automation gaps and fragmented controls.
How cybercriminals bypassed controls
In these types of attacks, threat actors use social engineering to target finance teams during ERP transitions. They capitalize on:
- limited user familiarity with new systems
- overreliance on automated processes without manual checkpoints
- incomplete integration of third-party risk and vendor verification workflows
Despite traditional cybersecurity tools being in place, these attackers bypass defenses by impersonating real vendors, exploiting the absence of layered validation controls. Because ERP platforms often consolidate data from siloed systems, inconsistencies and oversights become harder to detect — especially during early-stage adoption.
What finance teams risk when ERPs fall short
The consequences go beyond a single fraud incident. ERP-related lapses can lead to:
- financial losses from unauthorized payments
- strained vendor relationships and reputational damage
- compliance failures due to incomplete audit trails
- weakened internal confidence in digital transformation efforts
Without real-time oversight, finance teams may miss critical signals — or spend valuable hours chasing anomalies after damage is done.
What finance leaders can do next
Finance transformation is an opportunity — not a guarantee — for improved control. CFOs, AP managers and controllers should:
- define measurable finance outcomes before ERP planning begins
- integrate fraud detection and vendor risk checks into finance workflows
- continuously monitor finance KPIs, especially during ERP rollout phases
- ensure finance owns key controls, not just IT or implementation partners
This isn’t just about systems — it’s about embedding the right financial controls into every layer of transformation.
Eftsure complements your ERP investment by verifying vendors before onboarding and monitoring payments in real time. Its layered controls help you:
- detect vendor anomalies before funds are transferred
- validate banking details independently of your ERP or internal records
- prevent fraud by alerting finance teams to changes or red flags in real time
While ERP systems manage workflows, Eftsure ensures trust at the transaction level — adding a critical control against cyber fraud and financial error.
Ready to secure your ERP implementation? Book a demo to see how Eftsure can help.
