The January 2018 edition of the Kroll Global Fraud & Risk Report revealed that 84% of global business executives reported that their companies experienced at least one instance of fraud in the previous 12 months, up from 74% in 2017.
According to statistics collected by Kyriba, a treasury system vendor, 52% of treasury teams were victims of fraud in 2018. Yet nearly one-quarter of companies have done nothing new to combat fraud risk in the past 12 months.
Even today, payments fraud has been a continuing issue that companies are trying to combat. Juniper Research predicts that businesses in e-commerce, airline ticketing, money transfer and banking services will collectively lose over US$200 billion to online payment fraud between 2020 and 2024, driven by the increased sophistication of fraud attempts and the rising number of attack vectors.
In this ebook, How CFOs Can Mitigate the Risk of Payments Fraud, the Hackett Group reveals the best practices to alleviate the potential impact that fraud could have to their bottom-line and investor confidence, including identified approaches to minimize the risk of fraud:
- Automated/digitized payment processes
- Comprehensive and enforceable payment policies and rules
- Embedded fraud prevention and detection procedures
- Mandated education for employees about fraud detection and prevention
Click here to download the report and discover for yourself how CFOs can enhance their fraud-prevention controls and make sure their governance structure is aligned with internal compliance and risk policies.
You may also be interested in the whitepaper on How CFOs can sleep better at night.
