The size of Payment Fraud
Understanding the growth in corporate payment fraudFraud is an ever increasing part of doing business and though we are all aware that it is occurring, we often do not understand the size and scale of the problem. While corporate Treasurers and Cash Managers are focused on mitigating the risks associated with an uncertain economic and political climate, they must now increasingly focus on combating fraud.
Payment Fraud continues to increase each year in terms of the number of attacks, the amount of money lost, as well as the sophistication. According to Price Waterhouse Cooper, 2016 was the first year that Cybercrime became the 2nd most common type of economic crime.