It seems counterintuitive. Even as businesses spend
more time and money than ever combatting payments
fraud, the crime itself becomes more ubiquitous. In
a new study by CFO Research, 40 percent of senior
finance executives report that organizations in their
industries are experiencing a much higher incidence of
payments fraud than they did two years ago.
Payments fraud is any fraud that involves falsely
creating or diverting payments. Check fraud, credit
card fraud, access fraud, and “spear-phishing” are
common varieties seen by CFOs. Some finance chiefs
report that the risk associated with payments fraud
now approaches the materiality of foreign exchange
risk and other high-value uncertainties. Indeed, beyond
FIVE KEY CFO CHALLENGES
FOR ADDRESSING
PAYMENTS FRAUD
OCTOBER 2017