UK corporates are risking opening their doors to
fraudsters by failing to upgrade anti-fraud systems to deal with
payments made via thesingle
euro payments area (Sepa), according to
research from Experian.
In a study of telecoms, insurance and utility corporates,
Experian found that hardly any had upgraded their anti-fraud
payment measures, following the
introduction of Sepa.
A total of 86% have not even assessed the payment fraud risk
presented by Sepa.
However, all the corporates interviewed said banks had a
responsibility in protecting them against fraud.
Jane Barber, head of product development at Royal Bank of
Scotland, said corporates and banks had to improve their fraud
defences to take Sepa into account.
"As we go into a more global payments world we have to make sure
we have got the right systems in place," Barber said.
UK banks rethink anti-fraud strategies >>