Electronic Payment Fraud Prevention

Attempted and actual electronic payment fraud attacks, particularly business email compromise (BEC), are rising. Businesses must act to protect themselves.

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78%

In a survey, 78 percent of companies nationwide said they were the targets of attempted or actual fraud in 2017, the highest percentage ever1.

$5.3B

Global losses from business email compromise reached more than $5.3 billion between October 2013 and December 20162.

$676M

In the US, business email compromise led to more than $676 million in losses in 2017 alone—more than identity theft, personal data breaches and credit card fraud combined2

Payment fraud scams, including business email compromise, can happen to you—especially if your organization hasn’t set up the right payment controls. Your organization holds fire drills to help prepare for a fire; you need the same level of preparation to be ready for an attack by fraudsters. Don’t wait until after you’ve been attacked to start protecting your business.

Fraud Prevention: 9 Best Practices for Payments Staff

A company’s payments staff is at the front line of email compromise fraud prevention. Here are best practices that can help protect your company.

Read article about Fraud Prevention: 9 Best Practices for Payments Staff

6 Cyberfraud Scenarios From Worst to Best

Fraud attempts are constantly increasing, and criminals are becoming more sophisticated in their attacks. Learn best practices for fraud prevention—and the mistakes that could cost you.

Read article about 6 Cyberfraud Scenarios From Worst to Best

2018 AFP Payments Fraud and Control Survey Report

As technology evolves, so does payments fraud. Download the full 2018 AFP Payments Fraud and Control Survey Report to find out how you can protect your organization.

Learn more about 2018 AFP Payments Fraud and Control Survey Report

Payments Fraud Rises as Tactics Evolve

Payments fraud increased to record levels in 2017. Find out what the results of this year’s AFP Payments Fraud and Control Survey mean for businesses like yours.

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Protect Your Business From the Growing Threat of Payments Fraud

In this webinar, learn about the latest in payment fraud trends and find out how you can protect your business.

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Is Your Business as Secure as You Think?

See how prepared you and your company are to combat payments fraud in this quick quiz.

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Fraud Prevention Tips

Know Your Vendors

Have a trusted, regular contact for all commonly used vendors and verify all unusual payment requests with them using a known phone number.

Call—Never Rely on Email

Email accounts can be masked, spoofed or hacked, so you should never rely on email to validate a payment request—even when it appears to come from an internal source.

Reconcile Accounts Daily

Confirm payments with vendors and reconcile activity every day. The sooner you recognize unusual activity, the better your chances of stopping or recovering from it.

 

Get In Touch

Your banker can help you put together an action plan to defend your business from fraud. Reach out to your banker directly, or fill out the form below to connect.

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1The 2018 Association for Financial Professionals Payments Fraud and Controls Survey
2Federal Bureau of Investigation’s 2017 Internet Crime Report
 

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