Companies in the US are taking fraud seriously and most of them are setting up specific policies to wipe fraud out. However, most organizations still rely very heavily on manual methods to prevent fraud. A true paradox, considering how sophisticated fraudsters are getting, using cutting-edge techniques.
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We can definitely say that the pace of payment fraud isn’t slowing down, quite the opposite. A decade ago fraud was very manual: now it’s sophisticated and complex fraud. As a finance team, you need to think about what’s next. How will you prevent fraud effectively? And the answer needs to be both human and digital.
Ultimately, we need to rely on systems. We need to rely on data, analytics, and clear insights. All that in a completely automated fashion that will help human beings make the right decisions.
This survey was carried out by Treasury and Risk for Trustpair and GIACT. It was fielded via email to Treasury & Risk’s universe of treasury professionals. There were 75 respondents from various industries with jobs titles like CFO, Treasurer Manager, Finance Manager, etc.
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