Trustpair, Accenture France and Option Finance unveil a groundbreaking study on the positioning of Financial departments with regard to the risk of transfer fraud in 2021. The survey was conducted by the Spoking Polls institute among 165 CFOs and Treasury Directors of French companies and large corporations. Discover how fighting against wire transfer fraud has become a key priority in 2021.
A key issue in the context of the COVID-19 crisis
The fight against fraud is an age-old risk. Today, cyber fraud has become a predominant topic. Wire transfer fraud is a known risk, and yet it is generally trivialised by companies.
The risk of fraud has exploded during the health crisis, overwhelming the traditional manual processes used by companies. 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 Rouen.
“Fight against fraud is a real concern for Financial Departments and corporate treasurers. This can be explained by the growing trend of dematerialised payment, especially since the pandemic began.” – Elodie Bananier, Senior Manager at Accenture France − Head of Fraud and Financial Security, Know Your X and Market Integrity
Who is in charge of fraud within organisations?
When will we see a Chief Fraud Officer?
The finance industry already has specific roles in place, such as the Head of Fraud Prevention. But this is not yet the case in the corporate world. This matter is generally dealt with by the Financial department.
The Financial Department guarantees secure payments
In 88% of companies, the treasury, financial and accounting departments are generally in charge of this issue.
“While the treasury department has historically been responsible for “fraud” issues, it has now transitioned into a role as prescriber and project manager. The Transfer Fraud Detection solution must be thought of as a global overhaul of the data control process, at all levels.” – Baptiste Collot, CEO at Trustpair
Want to know more?
Discover all the results and analyses of the experts through our white paper dedicated to our study “Businesses fighting wire transfer fraud“.