FRAUD STUDY

Businesses fighting wire transfer fraud in 2021 - By Trustpair, Accenture and Option Finance

Cover Fraud Study 2021 Trustpair Accenture

For 89% of Financial department, the fight against wire transfer fraud is a key issue !

The explosion of wire transfer fraud risks, which has been greatly increased since the health crisis, is leading companies to react and arm themselves to face the threats.

In this context, companies are organising themselves and implementing security mechanisms: manual control of supplier data is becoming an almost systematic practice, and 2/3 of companies have implemented a team awareness programme.

However, these control mechanisms are not infallible! And although 79% of companies are aware of these issues and are making the fight against fraud part of their digital transformation, only 16% are equipped with an anti-fraud solution. In 2021, companies will still have to face challenges regarding the fight against fraud.

Discover through the results of the study : :

check How are companies organised to deal with the threats?
checkWhat mechanisms have been put in place to protect themselves from fraud?
checkHow is digitalization a challenge for CFOs in 2021?
check What are the investments planned to fight against fraud?

Key insights of this study

  • Editorial - Fraud Study Trustpair
  • Part 1 - fraud Study Trustpair
  • Part 3 - Fraud Study Trustpair
Awareness-raising

Fighting against fraud: a priority for CFOs in 2021

  • A key issue in the context of the COVID-19 crisis
  • Who is in charge of fraud within organisations?
focus on current measures

Ineffective control mechanisms?

  • Awareness programme: the first step in fraud prevention
  • Fallible and time-consuming manual checks
digital transformation: a challenge to be met

Digitisation: Finance Departments are lagging behind

  • Low penetration rate in Financial Departments
  • The fight against fraud is part of the digital transformation process
  • Weak investment projects relating to security issues
  • What do Financial Departments expect from an anti-fraud solution?

The experts' word

This study would not have been complete without the analysis and participation of experts and specialists in the matters of fight against wire transfer fraud.

Today, companies are aware that they need to take action, implement controls, and that these initiatives are part of a project to accelerate digitisation. A lot must be done to publicise these solutions, give credence to their potential and provide useful feedback to market players.

Elodie Bananier
Senior Manager at Accenture France - Head of Fraud and Financial Security, Know YourX and Market Integrity
elodie

Fraud is closely tied to digital technology. Although the fight against fraud isa top priority for many businesses and a key part of any digitisation process,only 16% of companies use a digital anti-fraud solution. Most companies rely onmanual processes despite facing highly advanced cyber tools. Their means onthis front are incredibly imbalanced.

Baptiste Collot
CEO at Trustpair
photo_Baptiste

The survey was conducted from December 7th, 2020 to January 22nd, 2021 among 165 CFOs and Treasury Managers of Mid-caps and major groups. The survey was conducted through a questionnaire online and by telephone via our dedicated survey plateforme.

Eric Ochs
Spoking Polls
eric

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