PORTLAND, Ore., June 14, 2017 /PRNewswire/ -- Today's senior finance executives are battling record levels of fraud, in turn narrowing corporate focus and limiting resources that could otherwise be devoted to innovation, planning, budgeting and compliance. That's according to "Managing the Risk of Fraud: The View from Corporate Finance," a new report published today by Vesta Corporation, a global leader in integrated risk and payment solutions, and CFO Research. The organizations surveyed 155 U.S. senior finance executives to assess their experience with and expectations for fighting fraud, which have only intensified in recent years.
62 percent of respondents (including 55 percent of respondents with a CFO title) had seen both the number and dollar amount of credit card chargebacks increase since the introduction of EMV chip cards. Furthermore, 64 percent of those surveyed (including 62 percent of CFO-titled respondents) measured increases in both the number and dollar amount of credit card chargebacks specifically related to "card not present" (CNP) transactions since the introduction of EMV chip cards.
"As merchants have upgraded in-store payment security measures, fraudsters have flocked to CNP channels—online, mobile and elsewhere—with stolen payment credentials and seriously harmed merchants' growth potential," explained Vesta Chief Marketing Officer Tom Byrnes.
43 percent of corporate finance executives (or 33 percent of CFOs) confirmed that fraud risk has interfered with corporate efforts to develop new products or services or even caused business model changes. Perhaps more challenging, 43 percent (or 36 percent of CFOs) reported fraud risk interfering with corporate budget allocation or revenue projections. As such, 56 percent anticipate their fraud detection and assessment strategies to change in the next two years.
"Unfortunately, fraud risks are distracting merchants from focusing on what they do best: innovating and satisfying customers to boost revenue and grow their businesses," added Byrnes.
Visitors can download a copy of the "Managing the Risk of Fraud: The View from Corporate Finance" eBook for free.
About Vesta Corporation
Vesta Corporation is the only global provider of integrated fraud and payment solutions for enterprise partners in the ecommerce, telecom, digital goods, media and financial industries. The company's guaranteed CNP payment solutions and innovative, patented fraud technology are proven to increase conversion and acceptance while eliminating fraudulent transactions and merchant liability.
About CFO Research
CFO Research is the research group at CFO Publishing, an Argyle company, which also publishes CFO magazine and CFO.com. For more than 30 years, CFO Publishing has been a trusted source of insight into the business issues that matter most to finance professionals.
Communications Strategy Group, on behalf of Vesta Corporation
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SOURCE Vesta Corporation