by Vince Bahl, Vice President of Payments, Bottomline Technologies
With the globalization of business, the complexity of payment-related processes has increased exponentially. Yet, despite growing awareness and more sophisticated security protocols, payments fraud continues to be a thorn in the side of corporate treasurers all over the world.
According to an industry survey released in 2007 by a leading association of financial professionals, 72% of organizations experienced attempted or actual payment fraud in 2006, and 39% of survey respondents reported that incidents of fraud increased from 2005 to 2006. And let’s not forget the need for organizations to comply with a vast array of government and regulatory mandates, which further complicate payment security and risk mitigation initiatives by casting a close eye not only on the individuals and organizations making payments, but also those receiving them.