The threat of business payment fraud is getting worse every year. According to the 2017 AFP Payment Fraud and Control Survey, 74% of organizations were victims of the threat in 2016 alone. If you’re concerned about the security of your organization (and you should be), RGL Forensics recently released the whitepaper you should read,“Securing Payments Across the Digital Enterprise,” that explores how the strongest security strategies utilize controls that tackle the three biggest factors in fraud protection –people, process and technology.

The paper presents a thoughtful perspective on security that considers all types of fraud in the sophisticated forms it takes today, which is an important consideration for organizations who are trying to strengthen their security strategy. Based on the advice in this guide, organizations will learn how to defend their entire enterprise by taking a 360 degree view on the issue of security and addressing all of the angles that impact it. The paper also details:

  • How to detect and stop fraud from internal and external sources
  • Best practices that will decrease your risk of suffering a loss in the case of a fraud event
  • Guidance on what actions you should take if the worst occurs and you do suffer a loss
  • A proactive plan organizations can use to defend themselves.

Perhaps the most valuable aspect of the paper however is the analysis it provides on three cases of high profile payment fraud, all of which took different forms and therefore require unique security considerations. This section provides in-depth lessons learned on a case of payment diversion fraud at BMW, an instance of ghost payroll fraud at Yodel and a systematic campaign of invoice fraud launched against the Intellectual Property Office (IPO).

Check out the full whitepaper

Posted by Ben Hobby

As a partner with BTVK Advisory, Ben has extensive experience in accounting and fraud investigations for both private and public sector entities, particularly claims made under commercial crime insurance policies.