Businesses apathetic about fraud | RBS Invoice Finance

Businesses 'over confident' about anti-fraud measures

A recent report from Bottomline Technologies has highlighted the level of apathy surrounding financial fraud in the UK.

The report, entitled ‘UK Business Payments Barometer: De-risking for growth’, asked 400 financial decision makers about their company’s policies regarding fraud, liquidity and payments. It discovered that, while fraud is seen as having a significant impact on the bottom-lines of UK businesses, many were over-confident in their anti-fraud measures.

Some 69% of financial decision makers surveyed in the report were confident in the robustness of the anti-fraud measures they had in place, despite the fact that, of the same group, half admitted that their own businesses had been negatively affected by fraud.

Of the financial decision makers at small and medium-sized enterprises (SMEs), 52% were particularly concerned about the threat posed by hackers. Meanwhile, in the corporate sphere, 34% of those surveyed believed the main threat lay within an external agent gaining access to their internal payment process or their staff – this included phasing attacks on senior executives in the hope that they give up critical information that could enable an online attack on the company.

Richard Ransom, the payments solution lead at Bottomline Technologies, said:

"The number of companies choosing to employ a strong security posture in the fight against fraud is ever increasing.

"Gone are the days where companies just dealt with the repercussion rather than taking precaution. It’s crucial for financial decision makers to be fully aware of the potential fraudulent threats against their business payments to ensure revenue is affected as little as possible.

"Providing ongoing training and education for employees, putting guidelines and procedures in place for protecting sensitive data on corporate devices, and regularly advanced threat and adversary intelligence solutions can all help reduce the risks of fraud."

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