AFP released its 2018 Payments Fraud Survey this week and it reports that payments fraud attempts have risen, again. Fraud attempts were found at 78 percent of organizations, up from 74 percent the year before.
Fraud and Security
CFOs are being challenged by their boards to deliver strategic guidance. In fact, 94 percent of senior finance executives believe that boards of directors regard their CFOs as critical strategic business partners, according to a recent CFO Research survey of 157 finance chiefs across the US.
Protection against cybercrime is a major priority for CFOs and corporate treasurers in organizations of all sizes and geographies. Payments management is the most vulnerable financial process of all – and it is the most attractive target for cybercriminals. This following analysis reviews corporate treasury vulnerabilities, best practices to minimize fraud risk, centralization of payments, and implementing payments processes.