As companies attempt to contain fraud, they need to keep in mind the human element. A recent survey by consultancy Strategic Treasurer showed finance executives cited employees as the source of 36% of the frauds reported.

"Usually the biggest frauds have some human element," said Craig Jeffery, managing partner at Strategic Treasurer.

Jeffery noted that treasury teams have gone from dealing with check fraud, which might cost the company $1,500, to warding off business email compromise frauds that entail average losses of $150,000.

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Susan Kelly

Susan Kelly is a business journalist who has written for Treasury & Risk, FierceCFO, Global Finance, Financial Week, Bridge News and The Bond Buyer.