Treasury management firm Kyriba is launching a real-time payments fraud detection solution for its clients.
The company said in a press release on Monday (Oct. 16) that it has rolled out a new Payments Fraud Detection module that enables CFOs and treasurers to customize fraud detection screening rules and prevent fraudulent transactions from going out. Citing research from the Association for Financial Professionals (AFP), Kyriba noted that “payments fraud [is] at an all-time high,” and CFOs are in need of a way to detect and prevent such fraud.
The Association for Financial Professionals’ 2017 Payments Fraud Survey, published in April, found that corporate payments fraud hit new highs in 2016, with 75 percent of businesses getting hit with check fraud and nearly the same percentage getting hit by the business email compromise.
“Kyriba’s new real-time fraud detection module is a significant innovation that enables our clients to stop fraud and is an important part of our compliance and controls offering,” said Kyriba Chairman and CEO Jean-Luc Robert in a statement. “For the first time, CFOs and treasury leaders have the capability to stop suspicious payments immediately and report on the action with details audit trails ensuring their internal compliance KPIs [key performance indicators] are met.”
The Payments Fraud Detection module provides real-time cybersecurity alerts and notifications to users as well as an end-to-end solution for resolution of suspicious or fraudulent payments.
The solution, announced at the AFP 2017 Treasury & Finance Conference, was revealed the same day Kyriba released its latest research report, “5 Key CFO Challenges for Addressing Payments Fraud.” That report found that fraud monitoring and detection is the top cybersecurity strategy financial professionals must improve to address the threat of fraud.
Survey respondents also cited limiting their use of paper payments and automating approval workflows as key strategies to combat fraud. Only 10 percent of professionals surveyed told Kyriba that they believed their existing teams’ processes and technologies to detect fraud were strong.
Last month, Kyriba announced news that it secured $45 million in growth equity from Sumeru Equity Partners, Bpifrance, Iris Capital, Daher Capital and HSBC. At the time, the company said it would use the funds to focus on growth and product development.