Treasury Fraud and Controls Survey highlights corporate and banking fraud experiences

Results of the 2022 survey show that with an increasing reliance on remote work, banks and corporates are experiencing greater risk exposure from internal factors. Four of the top six factors include increased exposure, directly or indirectly, intentional, or not – resulting from employees’ actions. As seen in previous years, business email compromise (BEC) continues to be the highest risk factor to banks, which are experiencing more losses than corporates.

Concurrently, banks continue to encourage corporate clients to adopt various bank security services. This push highlights the need for companies to increase fraud awareness training and use the security services that their banks offer.

The survey data also demonstrates that investigating financial crimes has taken a front seat, with more than two-thirds (67%) of respondents indicating their plans to use network visualisations and analytics as part of their strategies to investigate financial crimes.

The majority (88%) of respondents indicated data security, and 78% stated employee education as current controls in place to prevent fraud. Additionally, 85% of respondents indicated that Accounts Payable (AP) and Accounts Receivable (AR) are key areas to bolster with fraud prevention and control investments.

The 2022 Treasury Fraud & Controls Survey was conducted in the last calendar quarter of 2021, with nearly 100 questions and over 300 respondents globally.