Global Payments Survey Shows Fraud Concern and Security Investment Plans
Concern over increased likelihood of fraud is highest for smaller companies, but all view it as a challenge.
[Atlanta, GA] October 14, 2022 — Strategic Treasurer and Corpay recently released the results of the 2022 Global Payments Survey. Results show the top challenges and areas of planned investment among companies of all sizes, with fraud and security as consistent themes.
This survey’s questions probed corporate and bank respondents on their global payment practices and priorities. Details were gathered about banks’ concerns and recommendations for client security, corporate payment complexity, volumes, currencies, challenges, plans for technology use, and more.
Among the top findings were the following points:
- Multiple Systems and Security Fraud Management Top List of Payment Challenges. Regardless of company size, the use of multiple systems ranked highest on the list of corporate payment challenges (58%). The second highest challenge for all firms overall was security fraud management at 49%.
- Over Three Quarters (77%) See Reducing Payment Fraud as a Priority for Spending. Reducing processing costs wasn’t far behind at exactly 75%, with error reduction (71%) and same-day or real-time payment status visibility (67%) also high priorities.
- Increased Likelihood of Fraud the Highest Concern for Small Firms. While larger firms (>$1B in revenue) ranked increasing fraud as the third highest concern, smaller firms ranked it first. The impact of payments evolution ranked highest for large firms and highest overall.
This year’s Global Payments Survey ran from June through August 2022, with 80+ questions and 230+ respondents. More extensive results from the survey are available via a downloadable report and a webinar replay available on Strategic Treasurer’s website. The webinar features Craig Jeffery of Strategic Treasurer and Sven Hinrichsen from Corpay.
Strategic Treasurer was founded in 2004 by Craig Jeffery, a financial expert and trusted advisor to executive treasury teams since the early 1990s. Partners and associates of Strategic Treasurer span the US, the UK, and continental Europe. This team of experienced senior treasury advisors are widely recognized and respected leaders throughout the industry. Known for their expertise in treasury technology, risk management, and working capital as well as other cash management and banking operations, they efficiently identify issues, creatively explore ideas and options, and provide effective solutions and implementations for their valued clients. For more information, visit strategictreasurer.com.
As a global leader in business payments, Corpay helps companies of all sizes better track, manage, and pay their expenses through a comprehensive and trusted suite of online payment solutions. Corpay is also North America’s largest commercial Mastercard® issuer, handling more than a billion transactions each year. Corpay is part of the FLEETCOR (NYSE: FLT) portfolio of brands. Learn more at www.corpay.com.