Counter-fraud

During times of economic stress corporate wrongdoing often comes to light, and the impact of the coronavirus (COVID-19) pandemic is a case in point. Companies may become embroiled in accounting misstatements, corruption, fraud or other misconduct, with third-party relationships one of the biggest fraud-related risk areas. It is therefore critical to establish and maintain effective risk management processes and controls, so fraud can be identified, investigated and eradicated.

In the current period of economic uncertainty, increasing pressure on businesses is making fraudulent activity an ever-present risk for lenders – a trend not only troubling for the affected company or companies, but also for the wider economy. In particular, corporate fraud has the potential to dissuade banks from lending - a dangerous outcome during a global crisis which has significantly constrained liquidity and limited funding for businesses.

Fraud patterns are evolving quickly since the coronavirus outbreak. However, the recent introduction of PSD2 and Strong Customer Authentication has meant that liability switches from merchant to customer for fraudulent transactions. Rob Crutchington at Encoded discusses how the new payment rules benefit merchants in a volatile retail market.

Caroline Bimson, Practice Manager – Business and Digital Consulting, Atkins, explores how the government is tackling fraud and highlights the three key technological developments that can help with their efforts

https://www.openaccessgovernment.org/could-technology-be-the-answer-to-tackling-fraud/96005/

SnapDragon founder and CEO Rachel Jones has launched BogusBuster, a new one-stop-shop to prevent online fraud which has been backed by Innovate UK.

As technology constantly evolves, becomes simpler and more cost effective, it is also simultaneously becoming more accessible to fraudsters.

The risk of fraud while working from home still looms, but as workers gradually return to workplaces the chance of fraud still remains.

Access to reliable online security has never been more critical for businesses today. In fact, 81% of business owners experienced payments fraud last year, according to a recent survey by J.P. Morgan and the Association for Financial Professionals (AFP).

The Whistleblower Protection Directive is a chance for the EU to ensure that people can expose corruption safely, but member states might be letting this opportunity pass them by.

In this guest post, Aaron Begner, General Manager of EMEA at Forter discusses how the Coronavirus forced an artificially accelerated move to an online society that has changed payment preferences and impacted omnichannel strategies.