The fight against wire transfer fraud is a priority for Finance Departments in 2021, and the results of this study confirm Accenture and Trustpair’s perception of this rapidly evolving market. Through this 2021 Fraud Study run in partnership with the French media Option Finance and the Spoking Polls Institute, find out:
- How do Financial Departments position themselves concerning transfer fraud issues?
- What measures are in place within their department?
- What digital investments are planned for 2021?
No one is indifferent to fraud
Financial Departments often have a very narrow understanding of wire transfer fraud. However, it has become a prevalent issue that must be integrated to the entire Department and its ecosystem: customers, suppliers and employees. Companies are very much aware of this issue. They are adjusting their internal organisation and almost systematically deploying awareness-raising actions or processes to enhance their security measures.
Fight against fraud: prevention systems must be reinforced
However, compared to the benefits of a dedicated digital anti-fraud solution, these systems prove insufficient to ensure adequate control and security of supplier data. While all businesses agree that fraud prevention is closely tied to digitisation, they are not yet ready to take the plunge. The challenge of digital transformation is a key issue right now, but is not yet on the strategic agenda of most Financial Departments in 2021.
One challenge remains: digitisation!
Companies are aware of the wire transfer fraud threats they face, and know how to protect themselves from them. But in practice, hurdles and reluctance endure, holding companies back on their path to highly secure data and processes. Transitioning from an awareness programme and initial security measures to full digitisation of processes is the main challenge awaiting Financial Departments.
“There is no magic bullet against fraud. Companies must adapt their entire organisational model to take full advantage of Transfer Fraud Detection solutions.” – Elodie Bananier, Senior Manager at Accenture France – Head of Fraud and Financial Security, Know Your X and Market Integrity
