For the fourth year in a row, Strategic Treasurer has partnered with Bottomline Technologies and surveyed corporate treasurers and executives to determine the latest trends in treasury fraud and prevention measures. This year’s results were provided by nearly 300 global payments professionals in a variety of roles, from treasury analysts to CEOs. The findings have been compiled in the “2019 Treasury Fraud & Controls Survey Report”.
The survey reveals valuable findings about the current fraud landscape that will help organizations determine where they stand in relation to their peers. Areas of focus for this year’s survey include the frequency with which organizations experience fraud, what types of fraud are most prevalent and what the most common strong and weak points of security are. Also contained in the report are recommended action items that corporate treasurers can utilize in their fight to defend against fraudulent attacks and criminal activity.
Three main summaries emerged:
• Fraudulent activity and attacks continue to be a widespread threat but the percentage of organizations affected by loss remains steady over last year. This indicates that increased security spend is having the intended results and thwarting more criminal attempts.
• There is a direct correlation between the amount of spend on security and corporate confidence levels. It was found that even though the threat of fraud continues to grow at an alarming rate, corporate confidence seems to be keeping pace as organizations increase their investment in fraud prevention.
• That said, although organizations are spending more on security measures, it is a constant struggle to keep pace with fraudsters whose methods of attack are constantly evolving. Fortunately, security technology is also getting more sophisticated. For instance, newly emerging security trends include biometrics and tokenization, which are gaining early traction with best-in-class security organizations.
To find out how your organization’s fraud controls compare to those surveyed, download the full “2019 Treasury Fraud & Controls Survey Report” along with complete analysis, here.
And for even more insights into the payments industry and beyond, subscribe now and stay up-to-date on the latest trends and topics.