The Association for Financial Professionals’ 14th annual Payments Fraud and Control Survey asked finance professionals from across the country about their experiences with fraud and the strategies they’re adopting to protect themselves.
Seventy-eight percent of finance professionals report that their companies were victims of payments fraud in 2017. This is the largest share on record, up from the previous high of 74 percent in 2016.
In the United States, checks are still the most targeted payment type, likely due to their extensive use for business-to-business transactions. Advances in imaging technology also enable fraudsters to forge authentic-looking checks relatively easily.
The incidence of business email compromise (BEC) fraud has steadily increased in recent years. BEC scams typically trick employees into making fraudulent payments—although as criminals evolve to request personally identifiable information and employee W-2 forms, they’re not always seeking a transfer of funds.
77 percent of organizations were exposed to BEC scams in 2017, compared to 74 percent in 2016 and 64 percent in 2015
77 percent of organizations have also implemented controls to help prevent BEC, including:
Education and training of employees
Periodic test emails to teach employees to identify suspicious messages
Validating fund requests by calling requestors at telephone
numbers on file
Here are a few tactics finance professionals are using to protect their companies from increasingly sophisticated criminals.
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