Preventing Fraud & Financial Crime in Cash Management

Fraud and Financial Crime


Germaine Lang

Nov 6, 2018

Preventing fraud and financial crime has become an all-consuming priority for organizations. After all, according to John Salter, Managing Director of Global Corporate and Financial Institutions, Client Coverage/Origination, GTB, Lloyds. “Cyber-criminals do not discriminate against company size, location or industry sector, as long as a profit can be made.”

Ultimately, if your organization is transferring funds, there’s a bullseye on its back. Between general payment fraud, Know You Customer (KYC) initiatives and regulatory concerns – bank and corporate security teams certainly have their work cut out for them.

Increasingly, as attackers become bolder and savvier with their efforts, organizations realize they need to bolster current security measures and implement new ones in order to combat the constant barrage of cyber-attacks hurtling their way. These efforts must be in concert with meeting stringent regulations and staying compliant. This is particularly true when it comes to payment transactions.

The fact is that there ARE ways to secure payments across the digital enterprise. So what can organizations do to protect themselves from data breaches and stolen funds? Put controls in place that monitor for suspicious recipients, payments and transactions as well as provide audit trails. State-of-the-art fraud platforms include machine learning and real-time monitoring technology that can help identify and stop attacks before funds have been transferred. Implementing sanction screening capability is also be a powerful tool in the fight against external cyber-crime.

Additional tools can be utilized to help prevent internal-based crime. The ability to track employee use of mission critical applications and identify behavioral anomalies is essential to stopping suspicious behavior. These tools are not intrusive and can warn organizations proactively of harmful activities taken by malicious employees.

Integrating these methods within the payment process can alert management to duplicate payment files, files that don’t conform to normal patterns and more.

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Germaine Lang

Germaine Lang is the Managing Editor of SmartPayments with a strong creative and technical writing background across many industries. She also works to engage customers and relate their experiences with vendor products and services, positioning them as innovative thought leaders.
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