The importance of fraud prevention

Businesses today face a wide range of different types of risk. Among the biggest risks currently encountered are occupational fraud and online fraud, or cybercrime.

According to the 2022 Report to the Nations, a bi-annual fraud study conducted by the Association of Certified Fraud Examiners, the typical organization loses 5% of its revenues to fraud each year and the median fraud loss at victimized organizations is $117,000. In more than one out of five fraud cases, the organization lost $1 million or more. Can your business afford this type of loss?

Control outgoing payments to reduce your exposure to fraud

At Cadence Bank, we are attuned to fraud risks and urge all of our business customers to consider our carefully crafted products and services designed to lower your business’s risk of becoming the target of check and wire fraud.

Any time a company is planning a treasury management implementation, it needs to plan for how it will guard against payment fraud. Payment fraud risk exposure is significant, so fraud protection should be layered into any discussion you have with your bank about improving payables management.