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According to the AFP, 71 percent of businesses have experienced actual or attempted check fraud. One of the issues with this approach [to RDC] is that there is no way at the point of presentment to engage some of the sophisticated riskmitigation tools that are available across those different channels,” Ballagh said.
Businesses face mounting risk thanks to things like geopolitical uncertainties and regulation but are also threatened by something as seemingly arbitrary as group chat platforms. 40% more cyberbreaches impacted U.S. businesses in 2016 than the year prior, found CyberScout.
More recently, the Association for Financial Professionals’ (AFP) 2017 Risk Survey found nearly half of businesses say their exposure to uncertainty is higher than it was three years ago, and 51 percent say forecasting risks will be more difficult three years from now than it is today. In the U.S.,
More than a third (36 percent) of survey respondents said fraud monitoring and riskmitigation are the areas in which CFOs are most falling short. “The senior finance executives we surveyed made it clear that they know they need to do a better job of keeping their boards informed about this critical issue.”
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