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Updated: Sep 15, 2023

With fraud on the rise, corporate coffers are being targeted by increasingly sophisticated criminals. One of the best ways to protect your organization is to educate your people.

Fraud is on the rise

Everyone is at risk

Awareness is crucial

TREASURY FRAUD AND SECURITY- believe it or not, crime does pay. For many criminals, it is paying out now more than ever. As treasury professional, you Have long been aware of payment fraud for as long as there has been large money in motion, there have been a lot people scheming to get their hands on it.

What you are not probably aware of is how large it has been; the calculus has shifted and must certainly not in the favour of treasury professionals. The figures are growing probably from some few hundreds to a couple of thousands and now to millions and tens of millions depending on the size of your organization THESE FIGURES ARE NOT FROM The movies, they are real life figures to causes financial losses and reputation damage to your businesses.

Many are surprise to learn that majority of this fraud attempts comes from within the organization and ranks over 1\3 comes from current or former employees, sadly majority of organisations today do not recognize the level of threat they face. Incidentally, from survey carried out over 57% of companies do not have security over their operations particularly so over the treasury functions. About 58% of companies surveyed do not have fraud managers in place over 1\3 of companies do not conduct sanctions screening on their own payments. Organizations would need to beef up their defenses by not only making criminal activities less rewarding but making sure that those who engage in them pay stiff penalties for their misadventure. They would need to be proactive by taking the following steps; Access and Architect, prepare and prevent, manage and maintain, respond and recover. The scope would address internal and external pressure point and provides the entire team superior visibility and would assist them to have a holistic and practical hands-on in the ability to provide and install frame work toward an effective treasury management system. Contact us today for a full webinar on how to keep your company safe from being impacted…….

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1 Comment

Muhammad Inuwa
Muhammad Inuwa
Sep 11, 2023

This is very good enlightened article.

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