If you are a UK-based financial decision maker and have no clue if you've suffered fraud or not – you're not alone. This is the underlying theme of a new Bottomline Technologies report, which says more than half of UK financial decision makers are unaware they've been impacted.
Based on a poll of 400 financial decision makers, the report concludes that concern over internal fraud has also risen - 138 per cent – compared to last year.
Concerns over external cyber fraud have also risen 19 per cent. On top of it all, something called 'salami fraud' is on the rise, too. High value fraud, however, is reducing.
“It is important for organisations to have robust measures to prevent loss due to error and fraud, in particular, ensuring payments are being made to correct suppliers – not fraudsters”, says Ed Adshead-Grant, general manager, payments at Bottomline Technologies.
According to the report, 25 per cent of companies are using blacklists for anti-money laundering sanction filtering. The report concludes that this 'potentially leaves three in four firms subject to significant penalties and sanctions'.
“Account validation and verification measures are easy to plug in and use on the vendor database, rather than at the point of payment submission, to help identify errors and international frauds earlier in the process,“ Adshead-Grant added.
Bottomline says that it is paramount for companies to install the right security measures.
The full report, entitled UK Business Payments Barometer 2017, can be found on this link.
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