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AFP Payments Security Guide: insights for fighting payment fraud

Payments fraud is escalating as fraudsters - both internal and external - continue to devise new ways to ‘release’ the funds. There is no escape for treasury, they will be held responsible, at least partially, for any payment fraud that occurs.

One of the major problems is that fraudsters can be anyone, anywhere. Internal occupational fraud - see - is far greater than external fraud from payment systems fraudsters and cybercriminals, so attention to the internal procedures and systems in the payment processes is vital. Nevertheless, no type of fraud can be ignored. Cybercriminals, who are interested in stealing sensitive data, including emails, account numbers, credit and debit card numbers, and even the personal information needed to steal identities which they use to generate huge frauds, cannot be ignored. 

AFP Payments Security Guide

Given the growing payment fraud problem there is no wonder that MUFG Union Bank, N.A. sponsored “Payback: Securing Your Payment Channels”, the AFP Payments Security Guide, which is a companion piece to the “2015 AFP Payments Fraud and Control Survey.” Designed to help treasury and finance professionals to:

  • identify any weak payment channels or routines
  • develop practical and preventive measures to improve payments security
  • protect their organization against fraud
  • understand the basic guidelines for what to do in case fraudulent activity does occur.

Featuring insights from the FBI Cyber Division, treasury professionals and AFP’s own subject matter experts, the AFP Payments Security Guide provides treasury and finance professionals with the tools they need to protect their organizations against today’s threats. 

If you are an AFP member download  Payback: Securing Your Payment Channels here. (It might be worth joining the AFP just to get a copy of this report.)

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This item appears in the following sections:
Fraud Prevention
Minimizing Fraud Procedures
Minimizing Payment Fraud

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