Finance departments face rising micro-fraud and payment delays

A study by Medius, involving 2,350 finance professionals across France, the United States, the United Kingdom, and Sweden, highlights growing tensions within financial departments. A primary concern is the rise of ‘micro-frauds’ or ‘shallow fakes,’ such as falsified expense reports or mileage reimbursements. Approximately 87% of financial decision-makers reported encountering low-value falsified expenses, and 74% believe these practices are becoming common. While large-scale deepfake fraud captures headlines, these accumulating small-scale thefts result in significant financial losses for companies lacking adequate controls.

Additionally, the industry faces ongoing challenges with chronic payment delays. While legislative efforts to curb these delays have seen limited success, there is an increasing emphasis on the role of fintech and technology in providing solutions to manage invoice financing and payment timelines more effectively.