Once upon a time, stealing money from a bank or business meant that criminals had to put on a mask and commit a robbery. Coming into the second half of 2018 however, that thought seems almost ludicrous, conjuring up images of the Keystone Cops chasing bad guys lugging sacks full of cash. If only treasury fraud were that straightforward. Today’s thieves never even have to leave their laptops to pilfer their fortunes. The fraud landscape is more sophisticated than we ever could have imagined and threats such as Business Email Compromise (BEC) and Ransomware are so commonplace that they’re hardly even shocking anymore. As a result, the security threats of today are more difficult to identify and prevent and they result in far larger losses for organizations, making the stakes even higher. Treasurers have responded to these increasing threats as appropriately as possible – by making significant investments in security policy and infrastructure. Technology systems have been put into place to thwart potential attacks.
Tremendous focus has been placed on staff education to make sure that security is a high priority at all levels of the organization. In many cases, insurance policies have even been purchased as a contingency plan in case a fraudulent event does occur - and it will. 40% of organizations claimed to have experience fraud in 2016. In 2018 the figure jumped to 57%. That’s a 40%+ year-over-year increase. Despite these diligent efforts, fraudsters continue to make alarming advancements in their ability to commit fraud swiftly and without detection. They have increased their organization, creativity and persistence and are proving to be a valiant, if loathsome, foe. To examine the fraud trends, best practices for control and plans for response, the team at Strategic Treasurer partnered with Bottomline Technologies to produce the third annual. Their goal is to help practitioners educate themselves on the complex and constantly evolving state of Treasury Fraud. View the full 2018 Treasury Fraud and Controls Survey Report.