According to a new research report by CFO.com and Kyriba, 5 Key CFO Challenges for Addressing Payments Fraud, fraud detection and monitoring was listed as the No. 1 tactic that finance teams should improve to help combat payments fraud. Fraud detection came in at 36%, followed by limited use of paper payments (26%), and automated approval workflows (24%). Only 10% of executives believe that most financial teams have strong processes and technologies in place to detect fraud.
The new module is a key part of Kyriba’s end-to-end financial controls that helps CFOs to lock down their organizations against fraud across application security, bank account management, payments workflows and more.
With Payments Fraud Detection module, users can set up custom rules for real-time screening of questionable payments outside the purview of typical controls. The module features fraud resolution workflow management, which means it supports end-to-end workflow for the resolution of outstanding suspicious payments, including how each detected payment should be managed.
To help financial leaders understand their risk of payments fraud, Kyriba also launched a new interactive payments fraud assessment tool that delivers a threat score based on a three-minute survey.
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