6 / 6
Several survey respondents
noted that the ever-shifting
and expanding payments-fraud
landscape is sufficiently daunting
that they advise turning over the
work—particularly fraud detection
and monitoring activities—to
third-party providers for whom it
is a core capability. As one survey
respondent puts it, “Outsource
much of the fraud function to
companies that have strong
controls. Third parties may be
better at this than your team.”
CONCLUSION
Focusing on the five core
challenges to addressing
payments fraud is a strong way
to get started. Technology,
Budget, Time, Skills, and
Knowledge are all critical
components to developing
and implementing an effective
strategy. The sidebar, “Ten
Best Practices for Combatting
Payments Fraud” adds some
tactical specificity to the
CFO’s search for an answer to
payments fraud.
No matter which route CFOs
take, it’s clear that getting
going sooner rather than later
makes sense—especially if they
count their own organizations
among those that are only
modestly effective at managing
payments-fraud risk today.
CFOs increasingly feel that
fraud detection and monitoring
must become one of their core
responsibilities, because it is the
only chance they have of staying
at least even with an evolving
threat. And that threat is not
only about the money; it is about
the customer, and the brand, and
the business.
“You need to start already,”
concludes one survey
respondent. “The criminals are
adapting faster than we are.”
6
I
FIVE KEY CFO CHALLENGES FOR ADDRESSING PAYMENTS FRAUD
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www.kyriba.com.continued from page 4
“YOU NEED TO START ALREADY.
THE CRIMINALS ARE ADAPTING
FASTER THAN WE ARE.”