Payment and Fraud Risk Assessment Services

Gain better oversight and control of your payment flows and fraud risk

Payment fraud threats have become a major concern for organizations globally, with more than 80% of financial professionals reporting incidents of attempted fraud*. Payment fraud trends globally reflect a continued and sustained growth over the past 4 years.

Organizations are more aware of increasing threats and many have actively implemented control measures. Unfortunately, this added vigilance is not always enough. New technologies are streamlining electronic payments, but perpetrators are using those same solutions to attack payment processes and platforms. The tactics used by fraudsters evolve and increase in sophistication continually, attempted attacks are becoming harder to identify resulting in greater success infiltrating organizational payment flows.

As well as the obvious financial impact, fraudulent incidents may subject firms to additional regulatory scrutiny, privacy concerns, reputational damage, litigation and loss of clients/investors. In addition, post-breach remediation costs can be extremely high. It has become essential that firms are proactive in predicting and assessing their exposure to these threats in order to mitigate the likelihood and impact of a payment fraud incident.

*2019 AFP Payments Fraud and Control Survey

CONNECT WITH US


CONNECT WITH US


Our solutions

ACA Aponix’s (ACA) Payment and Fraud Risk Assessment (PFRA) helps your firm better understand payment flow and fraud risk mitigation opportunities. Our solution provides end-to-end policy-aligned reviews of all your firm’s cash movements to identify potential fraud risk throughout the payment lifecycle. We perform evidence-based procedure reviews across your firm to help mitigate risks during subscription, drawdown, redemptions, staff, and vendor payments. Our tailored service offering is customized for each payment type to provide an accurate assessment of possible risks.

Assessments also include identity and access management, payment limits and cash control best practices for your electronic banking channels. ACA’s team of highly experienced subject matter experts continuously monitor various sources to identify new fraud trends before they impact your firm. Our team includes specialists in payment fraud, cybersecurity, and technology risk from various industries, including investment management, banking, and healthcare.

Payment Flow Review

Our team reviews supplied documentation, performing an 
on-site evidence-based assessment with employee interviews and  process walk-though.

Risk Analysis

Our team analyzes review responses, evidence, and audits to identify potential fraud risks

Reporting

You can track progress of process enhancements and view findings in our management software platform.

1 of
Solution Spotlight

Aponix Protect™ comprehensive cybersecurity and technology risk solution

Aponix Protect helps firms address evolving cyber risks and threats to ensure that their cybersecurity needs are covered year-round. This solution is available in three tiers, each one designed to provide firms with a flexible, robust, responsive, and cost-effective cybersecurity program.

Latest insights

circuit board abstract

Enhancing Valuations and Investor Trust with Cybersecurity Portfolio Oversight

Programmatic cybersecurity portfolio oversight will meet increased investor expectations and safeguard and grow the valuation of investments.

Article
  • Cybersecurity
  • Cybersecurity Resources
digital_graphs_with_bars_and_dots.jpg

White Paper: Unveiling Industry Perspectives on the SEC’s Proposed Cyber Rule 206(4)-9

The public has weighed in on the SEC's proposed Rule 206(4)-9, which sets cybersecurity risk management expectations for investment firms. In this guide, we discuss the industry's reaction, exploring the main areas of concern for the Rule.

Report
  • Cybersecurity
  • Compliance
  • SEC
abstract image with a lock and shield

Active Risk Alert: Firms Receiving Phishing Attempts from Compromised Internal Emails

On August 11th, ACA confirmed three financial services firms are experiencing phishing attacks using identical phishing emails and tactics. Firms should be on heightened alert.

Cyber Alert
  • Cybersecurity
lock

Zoom’s New Terms of Service Create Data Privacy Concerns

Zoom's updated Terms of Service introduce changes allowing broader use of customer data for its AI programs, raising privacy concerns due to vague language and limited opt-out options.

Cyber Alert
  • Privacy
  • Cybersecurity
circuit board abstract

Myths About Cybersecurity Portfolio Oversight: Myth #4

In part 4 of our series we tackle the myth that cyber oversight is (only) about downside risk management.

Article
  • Cybersecurity Resources
  • Cybersecurity
  • Portfolio Company Risk Management
cyber outage

SEC Proposes Rule to Limit Conflicts of Interest in AI-Based Investor Engagement Tools

The SEC proposed two new rules to put guardrails around the use of predictive data analytics by broker-dealers and investment advisers. The goal is to limit the use of technology in ways that favor financial firms’ interests.

Cyber Alert
  • Compliance
  • Cybersecurity
  • Privacy

News

Cybersecurity Benchmarking Survey Lists Top Concerns and Preparedness Among Respondents

Our annual survey in partnership with NSCP reveals that investment firms overlook AI as a cybersecurity risk and remain wary about SEC cybersecurity enforcement and compliance with new rules

ACA Group Launches Dedicated Practice Group Providing GRC Solutions for Wealth Managers

ACA Wealth sets a new standard in GRC support for wealth managers, providing unmatched expertise and comprehensive solutions to address evolving regulatory requirements.

ACA's Celebration of Women's Impact from History to Herstory

ACA proudly joins the global celebration of International Women's History Month, commemorating the remarkable achievements and enduring legacies of women worldwide.

Upcoming events