It’s in the headlines more and more – commercial payment fraud. Gartner analysis of the results from recent surveys and reports from some private and public sources indicates that, while current efforts to detect and deter commercial payment fraud seem to be working on the whole, rapidly changing business conditions are driving the need for aggressive defensive measures. Payment fraud — especially checking fraud — already rapidly expanding as an issue, is entering a period of explosive growth as criminals reach peak productivity on existing fraud methods and find ways of subverting the newer electronic channels.
Failure to aggressively eliminate economic crimes such as this sends a deeply ambivalent “tone from the top.” This will compromise a bank’s efforts to reduce occupational fraud. Ensuring compliance with often onerous regulations, and demonstrating that stakeholders are maintaining the highest ethical standards, are central to a bank’s corporate culture. Zero-tolerance and “tolerance within commercial norms” are fundamentally different approaches.
See more details in Rick DeLotto’s “Stomp on Commercial Payment Fraud Before it Grows” (for Gartner clients).
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