Banks and their corporate customers don’t need a picture of fraud to know that it’s a legitimate threat to their reputation, customer relationships and balance sheet. But every picture tells a story as the saying goes, and this picture captures the good and evil elements of the current fraud landscape in exclusive data from the 2022 Treasury Fraud & Controls survey from Bottomline and Strategic Treasurer. It shows the recent explosion of insider fraud which can be attributed, in part, to the widespread shift to working from home models that financial institutions and businesses made in 2020. As the report states: “With a deeper reliance on remote work, banks are experiencing a larger impact of risk exposure on internal factors. Four of the top six factors include increased risk exposure—directly or indirectly, intentional or not—resulting from employees’ actions.”
The fact is, whether you’re facing an external or internal threat, the best way to prevent payments fraud is by deploying the latest fraud detection technology, which can be seen here in the data concerning alerts and visualization. Today’s innovative technology enables companies in all verticals to spot anomalies in user behavior before those anomalies morph into criminal behavior and a race to recover funds, data and your reputation.
Click here for a visual glimpse at the latest results from the 2022 Treasury Fraud & Controls survey.
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Payments SecurityBottomline Technologies helps make complex business payments simple, smart, and secure. Corporations and banks rely on Bottomline for domestic and international payments, efficient cash management, automated workflows for payment processing and bill review, and state of the art fraud detection, behavioral analytics and regulatory compliance solutions.
