Kyriba, the cloud based TMS provider, conducted a poll of 411 finance professionals, during a webinar hosted on 10 April 2014. The respondents’ responses to two questions were:
Has your organisation ever been the target of an attempted financial fraud?
- Yes, and we suffered financial losses - 29.9 percent
- Yes, but we caught it before any damage was done - 42.9 percent
- Yes, but we don’t know if we suffered any losses - 5.6 percent
- No, we have never been targeted - 7.8 percent
- I don’t know - 13.9 percent
When did you last review / update your fraud prevention processes?
- Never, as far as I know - 18.1 percent
- More than five years ago - 3.4 percent
- Between one and five years ago - 14.3 percent
- Less than a year ago - 21.8 percent
- We’re constantly reviewing them - 42.4 percent
Kyriba has developed a white paper in conjunction with the webinar, entitled ‘Leveraging Treasury Technology in the War Against Fraud’.
Proactive steps to minimise fraud covered in the report include:
The best ways to prevent financial systems from unauthorized access include:
- Strong password controls
- Two factor authentication – using hardware token, SMS, or Yubikey
- Use of a numeric keypad, where numbers within a password must be selected by mouse instead of typed
Bank account control procedures, etc.
Six page report can be downloaded here.
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