Corporates face greater risk from internal factors

With an increasing reliance on remote work, banks and corporates are experiencing greater risk exposure from internal factors, according to the 2022 Treasury Fraud & Controls Survey.

Four of the top six factors include increased exposure, directly or indirectly, intentional, or not – resulting from employees’ actions.

As seen in previous years, business email compromise (BEC) continues to be the highest risk factor to banks, which are experiencing more losses than corporates.

Concurrently, banks continue to encourage corporate clients to adopt various bank security services. This push highlights the need for companies to increase fraud awareness training and use the security services that their banks offer.

The survey was jointly conducted by Bottomline and Strategic Treasurer.

“Across the stage of bad acting, countering both internal and external actors, there is now more technology available to detect, investigate and prevent ongoing systemic risk. Banks, corporates, and the industry together need to spotlight that reality,” said Omri Kletter, vice president, cyber crime and fraud management at Bottomline.

The survey data also demonstrated that the majority (88%) of respondents indicated data security, and 78% stated employee education, as current controls in place to prevent fraud. Additionally, 85% of respondents indicated that Accounts Payable (AP) and Accounts Receivable (AR) are key areas to bolster with fraud prevention and control investments.

Craig Jeffery, chief researcher at Strategic Treasurer, added: “The compounding view of an increased cyber threat level is astonishing. From 2019 to 2022, the percentage of companies indicating a significant increase in the threat level has risen from 16% to 29% of all respondents.”

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