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Risk Management
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Fraudster, Fool or Financier? Who’s Controlling Your Cash?

Fraudster, Fool or Financier? Who’s Controlling Your Cash?

by Helen Sanders, Editor

There is a saying that “if a man defrauds you once, he is a rascal; if he does it twice, you are a fool.” As the media headlines and crime statistics reveal, fraudsters seeking to steal our own – or our customers’ – cash or data, organisations from around the world are being made a fool of every day. Treasurers can only control some elements of the growing and changing threat posed by external fraud, particularly cyberfraud, but treasury has an important influencing role, and some aspects remain squarely within treasurers’ area of responsibility. So how can we as treasurers prevent fraud and mitigate the impact?

What’s on your Monday morning list?

Looking back over 2015 so far, there are three, or perhaps four words that have dominated the treasury media: ‘fintech’, ‘disruptive’, ‘cyberfraud’ and also ‘regulation’. There are connections between all of these, a conversation for another time; however, the immediacy of these issues are not equivalent. While fintech and disruptive business models will impact on treasurers over time, they remain issues to occupy an idle discussion on a Friday afternoon for now. Similarly, the implementation of financial regulations is subject to a clear timeline so treasurers can plan ahead. In contrast, fraud, including but by no means limited to cyberfraud, is a Monday morning issue that every treasurer needs to explore, prioritise and address.