The types of fraud that a majority of companies has experienced were payment fraud, cyber fraud, business email compromise (BEC), or ransomware attacks. The survey’s results show as as follows:
• 79% of firms had experienced BEC/imposter fraud attempts • 65% of firms had experienced payment fraud attempts • 47% had experienced cyber fraud attempts• 8% had experienced ransomware attacks.
BEC and wire fraud is quite high, and it means that many corporations are losing tens of thousands, if not millions, of dollars.
Other results show that the number of companies operating under a formal, current, and well-understood treasury fraud security framework decreased from 24% to 13% and those that formally assigned fraud-monitoring roles fell from 42% to 22%.
More results regarding the current state of fraud and the practices employed by corporates and banks for protecting themselves may be found in the 2017 Strategic Treasurer & Bottomline Technologies Treasury Fraud & Controls Survey Report.
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