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the sometimes substantial
hard-dollar costs, payments fraud
can result in lower productivity
among employees tasked with
dealing with the fallout, adverse
customer experiences, the ac-
tual loss of customers, a stained
corporate reputation, and, for
publicly traded companies, losses
in stock market valuation.
For CFOs charged with safe-
guarding corporate coffers,
there is no silver bullet that
can stop payments fraud in its
tracks. Managing and minimizing
the problem is a discipline unto
itself. Done well, it is a holistic,
proactive undertaking that com-
bines best-practice processes
with dedicated detection and
monitoring programs built on
the latest advanced technolo-
gies. Done well, it also allows
CFOs to do a better job of keep-
ing corporate directors apprised
of the risks their companies face
in this area, and the safeguards
in place to mitigate them.
IDENTIFYING—AND RESOLVING—
THE CHALLENGES TO SUCCESS
The biggest challenge that CFOs
face in combatting payments
fraud is finding and implementing
the right technology. Technology
was cited as a key challenge by
nearly one-in-two (45 percent) of
survey respondents in the recent
CFO Research survey. Conduct-
ed in collaboration with Kyriba,
the survey polled 167 U.S. finance
executives at companies with
more than $100 million in annual
revenues across a wide range of
industries. (See Figure 1).
Other commonly cited obsta-
cles include securing the bud-
get for anti-fraud initiatives (38
percent), and finding the time
to pursue them (37 percent).
Rounding out the top five chal-
lenges, finance executives say
it’s a challenge to assemble
a team with the skill sets (29
percent) and knowledge base
(25 percent) needed to fight
payments fraud effectively. And,
anecdotally, some respondents
2
I
FIVE KEY CFO CHALLENGES FOR ADDRESSING PAYMENTS FRAUD
FIGURE 1
The biggest challenges my finance team faces in trying to combat payments fraud
Multiple responses allowed
45%
38%
37%
29%
13%
25%
20%
Technology Budget
Time/
availability
Talent/
skill set
Knowledge
base
Corporate
culture
C-Suite
buy-in