Company Treasurers Consider Spend on Safety Programs to

Company Treasurers Consider Spend on Safety Programs to

PORTSMOUTH, N.H., April 04, 2023 (GLOBE NEWSWIRE) — At the moment, Bottomline and Strategic Treasurer announce the discharge of the 2023 Treasury Fraud & Controls Survey. The worldwide survey highlights findings of company and banking experiences with fraud, regarding publicity dangers, fraud prevention and securing knowledge. This 12 months marks the 8th 12 months annual survey between the 2 companies, whose analysis partnership additionally contains the annual B2B Funds Survey.

The 2023 survey showcases an ongoing want for defense in opposition to fraud, which 73% of banks and corporates declare to have been impacted by previously 12 months, and 53% of whom point out that they’re in a greater place to battle fraud when in comparison with final 12 months. The survey demonstrates 12 months over 12 months the highest fraud makes an attempt on companies come from enterprise electronic mail compromise (BEC) and social engineering. This 12 months, respondents indicated that cost diversions additionally contributed to fraud makes an attempt.

A good portion of respondents indicated that the reliance on distant work elevated their threat of fraud, with 64% pointing in direction of BEC, 39% to knowledge theft and 38% to exterior fraud. On the identical time, 41% of corporations point out that their necessities for safety have grown. Nonetheless, solely 3 out of seven companies run monetary affect analyses the place they consider the prices of fraud and the advantages of including safety.

As we transfer by means of 2023, the spend on safety is predicted to stay sturdy, with 30% of corporations spending extra on fraud prevention, detection and controls than in earlier years. Using community visualization and analytics to assist examine monetary crimes continues to be a creating know-how. Banks are main the cost on this funding, with most banks (55%) contemplating this, whereas solely 11% of corporates are doing the identical. The survey additionally signifies that centralized fraud investigation teams have gotten customary follow, additional buoyed by plans to make use of synthetic intelligence (AI) and machine studying (ML) to combat refined funds fraud.

“We’ve got seen banks and corporates embrace the necessity for widespread safety system adoption throughout the ecosystem over the previous few years. This 12 months, the survey signifies treasurers are actively engaged and making a major effort to implement fraud detection and prevention controls. That is encouraging given the rising issues of inner and exterior risk ranges organizations are experiencing,” stated Omri Kletter, World VP of Product Technique, Cyber Fraud and Danger Administration at Bottomline. “With the enlargement of cost programs akin to real-time funds, it’s now essential that corporates lean on their banks for steering. Many corporations nonetheless equate sooner funds to elevated threat ranges, with prime issues being irrevocability and pace of transactions. Bottomline continues to work with corporates and banks to debunk these myths and assist prospects stop fraud throughout their cost ecosystems,” he added.

“Poor safety of the custody of delicate cost recordsdata throughout an organization’s community stays a large publicity. Solely 38% of corporations keep a full audit path of cost recordsdata throughout their community. Usually, these recordsdata are unencrypted and un-hashed, exposing them to simple compromise and redirection of funds,” warns Craig Jeffery, Managing Companion and Chief Researcher at Strategic Treasurer.
The 2023 Treasury Fraud & Controls Survey ran within the final quarter of 2022, with almost 100 questions and over 300 respondents globally. Extra in depth outcomes from the survey can be found through a downloadable report, an infographic, and a webinar held on April 4th, 2023. Replays will probably be out there on Strategic Treasurer’s web site following the occasion.

About Bottomline Applied sciences
Bottomline makes enterprise funds easy, good and safe for companies and monetary establishments, of all sizes, all around the world. Greater than 10,000 company prospects, 1,400 industrial and enterprise banks, together with 15 of the highest 25 international banks, depend on our industry-recognized cost and software program platforms to speed up digital transformation in a posh world of enterprise funds and monetary administration. Bottomline options contact prospects and funds in 92 nations throughout six continents. Our groups serve the world from main areas in the USA, the UK, Switzerland, Israel, India, Australia and Singapore. Bottomline is a portfolio firm of Thoma Bravo, a extremely revered software-centric non-public fairness agency with $122 billion in property below administration. For extra data go to

Bottomline is a registered trademark of Bottomline Applied sciences, Inc.

About Strategic Treasurer
Strategic Treasurer was based in 2004 by Craig Jeffery, a monetary professional and trusted advisor to govt treasury groups for the reason that early Nineties. Companions and associates of Strategic Treasurer span the US, the UK, and continental Europe. This crew of skilled senior treasury advisors are widely known and revered leaders all through the {industry}. Recognized for his or her experience in treasury know-how, threat administration, and dealing capital in addition to different money administration and banking operations, they effectively establish points, creatively discover concepts and choices, and supply efficient options and implementations for his or her valued shoppers. For extra data, go to

Bottomline Contact:
John Stevens or Jacqueline Powell
[email protected]

Strategic Treasurer Contact:
Kylene Casanova
[email protected]


Company Treasurers Consider Spend on Safety Programs to

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