How to prevent fraud in business. It’s an issue that organizations have struggled with since goats were considered an acceptable form of payment. Strategic Treasurer has been tracking the threat of fraud, particularly how much it has grown over time, and they’ve recently released their fourth annual “Treasury Fraud & Controls Survey Report,” which has become the benchmark examination of the trends surrounding security issues in business payments.
The report provides helpful context around the issues surrounding fraud and gives organizations -- who might understandably be focused on their own unique security issues -- a necessary perspective on the ever-changing nature of fraud and how it affects a broad spectrum of businesses dealing with business payments.
While a number of different aspects of security are detailed in the report (which is an in-depth analysis of 100 questions asked of 275 corporate payment professionals), a few stood out in particular for security expert Shesh Gorur, who’s article “5 Secrets to Success for an Effective Corporate Fraud Prevention Strategy” recently appeared in Payments Journal.
Gorur provides valuable insights into the report’s findings and also offers advice to organizations looking to evolve their fraud strategy.
For example, respondents ranked segregation of duties as the most important of all the security layers. Gorur asserts that while segregation of duties is indeed a critical piece of any comprehensive security plan, other initiatives such as encryption, firewalls, principle of least privilege etc. are also important elements and that they all combine to create a “powerhouse of security that protects an organization from all angles.” He uses the example of home security to illustrate his point, with walls and a door offering one level of security, locks a second level and security cameras a third, with all three elements working together to provide the ultimate defensive strategy.
In addition to this issue the article also discusses the importance of enhancing security training practices with all employees and provides specific guidance on how to shore up this typically weak area of fraud protection. Read “5 Secrets to Success for an Effective Corporate Fraud Prevention Strategy” now.