A new report on corporate payments fraud carries some stunning facts. The Association for Financial Professionals has released its 2017 AFP Payments Fraud and Control Survey. Seventy four percent of finance professionals reported that their organizations experienced “attempted or actual payments fraud” last year. “This is the largest share on record … it suggests that fraudsters are continuing to succeed in their attempts to attack organizations’ payment systems,” according to the report, which went on to point out that entities with $1 billion or more in annual revenue were more likely to have been subject to fraud than were smaller companies.
On another front, at a recent conference put on by the Institute of Financial Management, the word was that most CFOs believe their Accounts Payable (AP) teams were doing basically OK at protecting assets. Only a handful of CFOs say their teams are in a sound position to combat the risk of AP fraud.
APQC has been tracking this emerging issue. See Cyber Criminals Attack Corporate Payments.
We will continue to research and report on these fast-moving developments in the weeks and months ahead.