UK corporates are risking opening their doors to fraudsters by failing to upgrade anti-fraud systems to deal with payments made via the single euro payments area (Sepa), according to research from Experian.
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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.