This article first appeared in the Autumn 2016 issue of The Record.
The increasingly sophisticated techniques that are being used to breach organisational records and the growing complexity of cyberattacks are posing a number of new business challenges to companies in a range of sectors. Compliance, security and fraud officers must rethink their approach to fraud detection and cybersecurity to help save money and avoid risk.
A recent Bottomline Technologies study found that of the 1,000 senior finance and operational finance individuals surveyed, 77% felt external fraud was the highest risk area when processing business payments. Only 12% pointed to internal threat, but this is a real and present danger, and one that companies must be aware of and counter.
The Cyber Fraud and Risk Management (CFRM) solution from Bottomline Technologies allows for a holistic view of the payment process and insider threats across an enterprise. This is not solely for financial systems, but for any key business application where an organisation would store, maintain and manage their sensitive data.
Bottomline Technologies offers tailored solutions adapted for specific markets for banks, financial institutions, multinational corporations, as well as focused solutions that give SMEs more visibility and assurance that the payments they are generating are correct and haven’t been amended or tampered with.
Bottomline Technologies helps more than 200 customers globally to improve their internal audit and controls, ensure their employees are following the right processes internally, and have greater visibility on sensitive or critical information.
The solution monitors 100% of network traffic. Any employee, customer or supplier accessing a company system via online portals is charted, using technology to record and capture 100% of it, in a non-invasive way that doesn’t negatively impact the business application.
Real-time alerting capabilities based on specific business rules are also part of the solution. This can be from an audit or fraud perspective, and can be sent out when activities within the business are highlighted as suspicious.
Proactive alerting is critical to combat today’s frauds. Once you know about it, you need strong capabilities to investigate. The ability to replay functionality, which shows not just what has changed, but what is being viewed in your business application, helps investigators rapidly conclude any flagged suspicious activity.
Bottomline Technologies’ philosophy has always been about the control, visibility and security of business-critical payment and document transactions, and the CFRM suite is ensuring organisations reach the highest levels possible.
James Richardson is Head of Pre-Sales at Bottomline Technologies
Share this story