As companies attempt to contain fraud, they need to keep in mind the human element. A recent survey by consultancy Strategic Treasurer showed finance executives cited employees as the source of 36% of the frauds reported.

"Usually the biggest frauds have some human element," said Craig Jeffery, managing partner at Strategic Treasurer.

Jeffery noted that treasury teams have gone from dealing with check fraud, which might cost the company $1,500, to warding off business email compromise frauds that entail average losses of $150,000.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
  • Informative weekly newsletter featuring news, analysis, real-world case studies, and other critical content
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Susan Kelly

Susan Kelly is a business journalist who has written for Treasury & Risk, FierceCFO, Global Finance, Financial Week, Bridge News and The Bond Buyer.

Best Practices
Cash Management
Kicker