The Payments Newsletter: October 2024

Welcome to this month's newsletter, packed with insights from industry experts. In celebration of #NITAM, this issue focuses on combating insider threats and fraud in banks and businesses. Stay informed and stay ahead with our carefully curated content.

Building Resilience Against Insider Risks: How Organizations Combat Malicious Insiders

In the 2024 SPARK Matrix for Insider Risk Management, Analyst Aiyaz Ahmed discusses the challenge of insider threats. Trusted employees and external partners can use legitimate credentials to access and manipulate systems without setting off alarms, bypassing traditional security measures. Aiyaz also addresses the limitations of legacy systems in dealing with these threats and the potential of AI-driven insights in enhancing fraud prevention. Read more about it here.

The Overlooked Enabler of Payment Fraud

The rise of payment fraud is a major worry for banks and financial institutions. According to Hagai Schaffer , internal threats, whether they are intentional or unintentional, can be just as common as external risks. He talks about methods for detecting fraud and identifying the underlying cause of compromise. Read it here.

Insider Fraud: Who’s Playing Hide and Seek with Your Money?

Despite advances in threat detection, uncovering insider fraud threats continues to be a challenge for banks and businesses. In this podcast episode, Nick Griffin dives into the tough task of identifying and addressing malicious individuals within organizations. Listen here to learn about the essential capabilities of an effective Insider Threat Management solution.

Replacing Risky, Costly, Paper Checks with Digital B2B Payments

Are we ready to bury the check? The use of paper checks in the US is expected to keep decreasing as digital payments become more common worldwide. The preferences of younger generations are also pushing businesses to speed up the adoption of digital payment methods. In this article, Rita Hubner, CTP , discusses the relevance of corporate checks in light of the growing number of digital payments now demanded by vendors. Read it here.

3 Key Strategies to Combat Payment Fraud in AP Departments

How proactive, rather than reactive, is your approach to fraud prevention? Strengthening payee verification, enhancing exception management, and ensuring vendor master file integrity are vital strategies that, when implemented effectively, can shield your organization from significant financial losses. Richard Ransom dives into how combining technological solutions, implementing rigorous manual processes and regular audits, can create a robust defence against fraudsters. Read it here.

Are You Missing Key Insider Fraud Warnings?

Employee financial crime is a serious issue that often goes undetected for far too long. But there are proven ways to stop it in its tracks. In this podcast episode, we sit down with Albert Laino, CFCS , a Certified Financial Crime Specialist, to discuss the importance of proactive monitoring in the fight against insider fraud. Listen here.

Check Fraud Is Up Nearly 400% and FinCEN Points to Banks

Fraudsters are resorting to traditional methods with the increase in mail theft and check fraud. According to a recent report from FinCEN, there were over 15,000 reports of suspicious activity totaling more than $688 million related to check fraud. This serves as a reminder that old scams never fade away, but with advancing technology and human vigilance, we can stay ahead of the game. Read more here.

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