Bottomline Debunks Fee Myths because it Highlights Banks’ Experiences With Fraud in Survey

Bottomline and Strategic Treasurer have launched a world survey which highlights findings of company and banking experiences with fraud, regarding publicity dangers, fraud prevention and securing knowledge. This yr marks the eighth annual survey between the 2 corporations, whose analysis partnership additionally consists of the annual B2B Funds Survey.

The Bottomline 2023 Treasury Fraud & Controls Survey showcases an ongoing want for cover in opposition to fraud. Seventy-three per cent of banks and corporates declare to have been impacted by fraud up to now yr. Additional. 53 per cent of whom point out that they’re in a greater place to battle fraud when in comparison with final yr.

The survey demonstrates yr over yr the highest fraud makes an attempt on companies come from enterprise e-mail compromise (BEC) and social engineering. This yr, respondents indicated that fee diversions additionally contributed to fraud makes an attempt.

A good portion of respondents indicated that the reliance on distant work elevated their threat of fraud. Sixty-four per cent pointed in direction of BEC, 39 per cent to knowledge theft and 38 per cent to exterior fraud. On the identical time, 41 per cent of corporations point out that their necessities for safety have grown. Nonetheless, solely three out of seven corporations run monetary affect analyses the place they consider the prices of fraud and the advantages of including safety.

Stopping fraud

We anticipate the spend on safety to stay sturdy as we transfer by 2023. Thirty per cent of corporations are spending extra on fraud prevention, detection and controls than in earlier years. The usage of community visualisation and analytics to assist examine monetary crimes remains to be a creating expertise. Banks are main the cost on this funding, with most banks (55 per cent) contemplating this, whereas solely 11 per cent of corporates are doing the identical.

The survey additionally signifies that centralised fraud investigation teams have gotten customary apply. Additional buoyed by plans to make use of synthetic intelligence (AI) and machine studying (ML) to struggle refined funds fraud.

Debunking fee myths

“We’ve got seen banks and corporates embrace the necessity for widespread safety system adoption throughout the ecosystem over the previous couple of years. This yr, the survey signifies treasurers are actively engaged and making a big effort to implement fraud detection and prevention controls,” mentioned Omri Kletter, world VP of product technique, cyber fraud and threat administration at Bottomline.

“That is encouraging given the rising considerations of inside and exterior menace ranges organisations are experiencing. With the enlargement of fee techniques corresponding to real-time funds, it’s now essential that corporates lean on their banks for steering.

“Many corporations nonetheless equate sooner funds to elevated threat ranges, with high considerations being irrevocability and pace of transactions. Bottomline continues to work with corporates and banks to debunk these myths and assist prospects stop fraud throughout their fee ecosystems,” he added.

“Poor safety of the custody of delicate fee information throughout an organization’s community stays an enormous publicity. Solely 38 per cent of corporations preserve a full audit path of fee information throughout their community. Usually, these information are unencrypted and un-hashed, exposing them to straightforward compromise and redirection of funds,” warns Craig Jeffery, managing companion and chief researcher at Strategic Treasurer.

Francis Bignell

Francis is a journalist and our lead LatAm correspondent, with a BA in Classical Civilization, he has a specialist curiosity in North and South America.