All CMS presents the CFO’s Guide to Reducing Fraud Risk

Payment fraud is one of the most common financial threats in today’s business world. Companies are facing an increase in attacks such as BEC (business email compromise) and the exploitation of weak authentication systems, which puts their reputation and financial stability at risk. Against this backdrop, it is essential that CFOs (chief financial officers) adopt strategies to mitigate these threats.

One of the most common types of fraud is BEC, where criminals send fake emails posing as high-level executives to request urgent transfers. There are also frauds related to electronic payments and checks, which remain vulnerable. In addition, the use of deepfake in voice impersonation and ransomware attacks pose a growing danger to businesses.

CFOs should be alert to risks such as spear phishing, which exploits weaknesses in authentication processes, or uncontrolled access to bank accounts by former employees. In addition, a lack of oversight in financial operations can lead to significant losses.

To reduce these risks, it is essential to implement standardized workflows with full auditing, strengthen access security with robust authentication, and constantly monitor bank accounts. Real-time detection of suspicious transactions and the use of advanced technological tools are also key measures in the fight against fraud.

Beyond technology, it is essential to build an organizational culture focused on prevention, where employees receive ongoing training on emerging threats and best practices to prevent fraud. The combination of robust processes, secure tools, and a well-trained financial team will enable companies to minimize the impact of these crimes and protect their stability.

“Fraud is not only a financial threat, it also poses a risk to the integrity of the entire company. Prevention is the best defense,” concludes Pierre Bouaziz, partner at All CMS.