No matter the industry, size, or scope, every business has to be wary of the f-word: fraud. We know virtually any department from marketing to HR is vulnerable, and the extra scrutiny typically targets finance and accounting — think embezzlement, payroll fraud, or fictitious revenue. But with the exponential growth of IT budgets‚ this unassuming area has become ripe for liabilities.

A top interim CIO from InterimExecs RED Team who has led complex IT turnarounds for Fortune 500 companies shares the warning signs of IT fraud and how to mitigate the risks.

The financial services sector has undergone significant changes in recent years.

Banks used to look at technology with hostility. According to fintech and payments expert Peter Tapling, “Five years ago, if we were to have this conversation, I would have told you that the banks look at fintech as a very much us vs. them – whatever they do is stuff that we could do.”

In other words, financial services companies saw fintech companies as competitors who could take business away from them. These days however, financial institutions are eager to embrace fintech.

Tapling, who spent 15 years as CEO of authentication provider Authentify before advising a range of financial services companies, says the industry is “shifting a lot.” Integral to this mindset shift is that financial institutions are ready to partner with fintech companies so they can offer new services and penetrate new markets.

Looking at the rationale behind this, Tapling talks about the difficulty around large organizations building new bank initiatives. To that end he says, “If you look at the way we do development these days — fail fast, build something small, minimum viable product — that’s not the way a big bank works.”

Instead, banks look to partnerships to fill in that gap.