The Association for Financial Professionals’ 13th annual Payments Fraud and Control Survey asked finance professionals from across the country about their experiences with fraud and the strategies they are adopting to protect themselves.
Seventy-four percent of finance professionals report that their companies were victims of payments fraud in 2016. This is the largest share on record, exceeding the previous record-high share of 73 percent in both 2009 and 2015.
In the United States, checks are still the most targeted payment type, likely due to their extensive use for business-to-business transactions.
The past few years have seen a sharp increase in a particular kind of payments fraud: business email compromise (BEC). Criminals are using BEC scams to trick employees into making fraudulent payments—and while wire transfers are their main focus, checks are also targeted.
74 percent of organizations were exposed to BEC scams in 2016.
Here are a few tactics finance professionals are using to protect their companies from increasingly sophisticated criminals.
We spoke to one of our technology experts about the results of our Executive Advisory Board Cybersecurity Report and the different ways businesses can protect themselves against fraud.Read article about How to Defend Against Cyberthreats
Take this quick quiz to see how prepared you and your company are to combat payments fraud.Take the quiz about Is Your Business as Secure as You Think?
Three technologies merchants can use to combat fraud.Read article about More Fraud Is Coming—Now's the Time to Prepare
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