Wire Transfer Fraud

Trustpair presents the 2022 Fraud Study!

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Accenture, SAP and Trustpair unveil their 2022 Fraud Study, conducted in collaboration with Option Finance and Spoking Polls! Every year, we observe an increase in fraud attempts: 2022 is no exception, and companies must strengthen their security measures to thwart the threats. Through this new study, discover how companies are facing fraud in 2022. 

 

B2B Payment Fraud : a reality in 2022 

The risk of fraud remains pervasive, in fact in 2021, 95% of companies were the targets of fraud attempts, with 75% of these attempts resulting in a financial loss. Cyber fraud is one of the main techniques used. This threat, either perceived or experienced first-hand by companies, is pushing them to move beyond theoretical discussions and actually deal with these issues, in a proactive and comprehensive manner.

 

“The surge in B2B payment fraud is nothing surprising really, nor is the growing awareness within companies. In fact, it is in direct correlation with businesses’ investments in terms of cyber security. This can be explained by a history of massive investments in infrastructure cyber defense, which obviously still needs some fine-tuning, as well as a lack of investments in application security, which is just as important. We are now seeing a rebalancing between these two complementary areas.” – François Bourgeois, Head of Finance & Risk Business Advisors, SAP France 

As the risk of B2B payment fraud intensifies, corporations understand the importance of cyber risk. 

“In 2021, 50% of fraud attempts involved a cyberattack. This figure has not been carried over, but we’re witnessing growing awareness of fraud risks and cyber attack threats within organizations.” – Baptiste Collot, CEO and Cofounder, Trustpair 

While the fight against B2B payment fraud has historically been the responsibility of finance departments, IT teams now have an important role to play and are becoming more and more involved in decision-making and project implementation.

“Today, the fight against wire transfer fraud is an all encompassing issue, which is why IT departments are getting increasingly involved. The subject matter is no longer confined to a single department as corporations adopt a more holistic approach to risk management.” –  Baptiste Collot, CEO and Cofounder, Trustpair 

 

“When a company wishes to carry out a comprehensive third-party risk management project, its finance department alone doesn’t suffice. The teams must work together to cover all points of risk in the procure-to-pay process.” – Elodie Bananier, Compliance and Operational Risk Managing Director, Accenture France

Corporates are becoming more mature

Companies are becoming more mature when it comes to B2B payment fraud. And while their awareness is nothing new, this year’s results also show that companies are starting to spring into action, with a strong desire to implement professional solutions to fight against B2B payment fraud. Awareness-raising initiatives and baseline anti-fraud measures – which have become much more common compared to last year’s observations – seem to be bearing fruit and are helping corporates push towards the implementation of larger projects that are more integrated with their overall information systems.

“The implementation of solutions dedicated to the fight against wire transfer fraud within companies is reaching maturity. The resurgence of cyber attacks in a context of increased telework has pushed businesses to invest in relevant tools.” –  François Bourgeois, Head of Finance & Risk Business Advisors, SAP France 

Beyond the evolution of anti-fraud measures, this increased maturity is reflected in greater confidence in the tools available on the market, and a desire to implement these solutions. If companies’ objective is to secure their procure-to-pay process, the challenge shall lie in improving data integrity and implementing dedicated technological solutions.

Want to learn more about the results? Download the Trustpair – Accenture – SAP 2022 Fraud Study

CTA fraud study

About the 2022 Fraud Study:

The survey was conducted between December 1st, 2021 and January 25th, 2022 among 134 respondents. The survey was carried out through a questionnaire – online and by telephone – using the Spoking Polls platform.

 

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