Lack of Payment Security Layers in Place for Corporate Treasuries
ATLANTA, June 10, 2016 /PRNewswire/ — Fifty-seven percent of more than 300 respondents to a recent survey conducted by Strategic Treasurer and underwritten by Bottomline Technologies say that they have no formal framework in place to protect their organizations from payment fraud.
Strategic Treasurer, a leading treasury and risk consulting and analyst firm, and Bottomline Technologies, a leading provider of cloud-based payment, invoice and banking solutions, completed the survey in North America, EMEA and APAC in the first quarter of 2016.
According to the survey, payment fraud attacks are on the rise in terms of both frequency and sophistication. Historically, check fraud has been extremely easy to perpetrate. Based on survey responses companies are also now experiencing a rise in wire fraud with 1 in 4 responding companies indicating that they have experienced loss due to this type of attack.
“This research is of great value to corporate treasurers across the globe. While many have heard of the recent high profile attacks, for most, their vulnerability to fraud has not been analyzed at the level of detail required,” explains Craig Jeffery, managing partner at Strategic Treasurer. “This survey clearly demonstrates the seriousness and reach of the growing payment fraud issue. For attackers, crime is paying off and the lack of protection surrounding their targets has brought about an escalation in their assault. We want to ensure that companies truly understand the magnitude of this threat and the risk implications so that they can take the necessary steps to proactively guard against attack across all areas of risk.”
Band-Aids won’t cut it
The survey highlights practical insight on how companies are, or should be, protecting themselves across the areas of an overall control framework that includes process controls, reconciliation and visibility, payment workflows and processes, and technology investment.
“A “band aid” approach isn’t a viable fraud protection model,” adds Gareth Priest, VP of Business Solutions at Bottomline Technologies. “Companies need to have the right mind-set when it comes to fraud protection. It’s recognizing that you will have to make changes, developing a global strategy, and then making the right investments; an ad-hoc approach will not provide the protection needed.”
Copies of the 2016 Treasury Fraud and Controls survey report can be downloaded here.
About Strategic Treasurer
Since 2004, Strategic Treasurer has helped hundreds of corporate clients face real world treasury issues. Our team of senior consultants is comprised of former practitioners with actual corporate treasury experience who have “hopped the desk” to support their former peers from the consulting side. Strategic Treasurer consultants are known not only for their expertise in the treasury space, but also for their responsiveness to client issues, thorough follow-through on each project, and general likability as temporary team members of your staff.
Our focus as a firm centers on maintaining true expertise in the treasury space. Through constantly refreshing our knowledge and intentionally learning about leading solutions, we ensure that our understanding is both global in scope and rich in detail.
For more information on Strategic Treasurer, visit www.strategictreasurer.com
About Bottomline Technologies
Bottomline Technologies powers mission-critical business transactions. We help our customers optimize financially-oriented operations and build deeper customer and partner relationships by providing a trusted and easy-to-use set of cloud-based digital banking, fraud prevention, payment, financial document, insurance and healthcare solutions. Over 10,000 corporations, financial institutions and banks benefit from Bottomline solutions. Headquartered in the United States, Bottomline also maintains offices in Europe and Asia-Pacific.
For more information, visit www.bottomline.com