The Bottomline on Fraud: Emerging risk factors demand new technology

Fraud and Financial Crime

Bottomline

Aug 2, 2022

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The 2022 Treasury Fraud & Controls survey from Strategic Treasurer, surveyed finance and treasury professionals from banks and corporations around the globe. Now in its 7th year, the results provide an inside-out view of how fraud continues to play a major part in the way organizations plan their spending around fraud prevention technology and platforms.

The full report can be accessed below, but for more context around what the results actually mean to daily finance and treasury practitioners, we checked in with Bottomline’s risk and fraud team. In this digital magazine special edition, you’ll find 3 articles that dive deeper into the findings and provide guidance based on the team’s expertise.

Jack Gianella, market development executive, discusses how the survey lays out the business case for increasing technology spend at the corporate level, especially during the current state of work-from-home models:

“Business email compromise is raging; insider fraud is going up and that should concern corporates as the work-from-home environment persists. The data in the report shows me that corporates are improving their anti-fraud efforts but could profit from a few lessons from their financial service partners.”

Sit down for a Q&A with Nick Griffin, global go-to-market manager, as he lays out the most important key findings from the report in his summary:

“Just because an organization maybe invested a lot last year or the last two years and they’ve taken a step forward, they need to carefully consider whether they’ve actually closed the gap. And then even if they did close that gap, are they prepared for that next evolution of the fraud landscape? All our analytics here at Bottomline are designed to adapt to changing behaviors. And we are constantly innovating as new payment channels come online. I would counsel both banks and corporates to constantly reassess your fraud strategy and make sure that your tools in place are able to evolve with you and the fraud landscape.”

And from our global VP for fraud and financial crime, Omri Kletter, hear his take on how social engineering schemes (resulting in over $6.9 billion in losses during 2021) which target human beings, can be mitigated with the right behavioral analysis technology in place, attacks can be thwarted before funds leave the building:

“It’s a more secure approach to set up technology to alert you to unusual activity of that user in the system. Should their activity be flagged by the technology, then a more psychologically-oriented chat could follow. One of our banking customers uses our secure payments technology to stop malicious activity and combat social engineering fraud. The technology comes first. An algorithm is modeled to detect unusual activity. Suppose it finds a man in London has been sending cross-border payments to Zagreb, when that customer has never sent such a payment in the past.”

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