Trutspair, Accenture and Option Finance unveil the 2021 Fraud Study to understand how finance departments position themselves regarding the risks of wire transfer fraud. The study reveals that the fight against fraud is an important issue for 89% of CFOs.
The risk of fraud has exploded during the Covid-19 crisis and the manual processes traditionally used by companies were not able to absorb this surge in volume. Waves of fake president or fake vendor frauds have had serious consequences, resulting for instance in a loss of €6.6M for a large pharmaceutical company based in France.
The study underscores this ambivalence: risk awareness is increasing, but as of 2021, very few companies have invested − or intend to invest in − a digital solution to adequately prevent wire transfer fraud. The feeling that “fraud only happens to other people” is still prevalent, and the decision to invest is too often made in reaction to a fraud or to an attempted fraud.