Most corporate finance leaders expect to change fraud-fighting strategies
Today’s senior finance executives are battling record levels of fraud, in turn narrowing corporate focus and limiting resources that could otherwise be devoted to innovation, planning, budgeting and compliance.
Vesta Corporation surveyed 155 U.S. senior finance executives to assess their experience with and expectations for fighting fraud, which have only intensified in recent years.
62 percent of respondents (including 55 percent of respondents with a CFO title) had seen both the number and dollar amount of credit card chargebacks increase since the introduction of EMV chip cards.
64 percent of those surveyed (including 62 percent of CFO-titled respondents) measured increases in both the number and dollar amount of credit card chargebacks specifically related to “card not present” (CNP) transactions since the introduction of EMV chip cards.
43 percent of corporate finance executives (or 33 percent of CFOs) confirmed that fraud risk has interfered with corporate efforts to develop new products or services or even caused business model changes.
Perhaps more challenging, 43 percent (or 36 percent of CFOs) reported fraud risk interfering with corporate budget allocation or revenue projections. As such, 56 percent anticipate their fraud detection and assessment strategies to change in the next two years.