Fraudulent losses stop growing, after years of corporate security spend, new report finds

As fraud continues to increase year-on-year, a new survey launching today (30^th January) from Bottomline Technologies and Strategic Treasurer reveals that after years of corporate security spend, the level of losses sustained from fraud has stopped growing.

Based on a survey of ~275 financial professionals, 65% of corporates indicated that security concerns have a strong influence on their planned technology spend. With this in mind, technical and human elements need to be combined to close the gaps that criminals continue to find.

Additional findings from the survey include:

• Larger corporates experience significantly more fraudulent attempts than smaller peers. This applies to every type of fraud.
• Organisations are still hesitant about using mobile applications to initiate or approve payments. The adoption of mobile apps for B2B banking will help organisations grow more familiar with the functionality.
• Security controls have grown stronger, but more work is needed. New security technologies see promising traction early on.