Fraud Prevention Tools

Cybercrime: Commonsense Precautions to Protect your Organization


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Payments Fraud

Warnings about identity theft and tips to protect your personal bank accounts are everywhere, but little fuss is made about business owners protecting their accounts against fraudulent activity.

Payment fraud continues to be a major challenge for businesses and banks alike, regardless of size or industry. While the most common type of fraudulent occurrence is check fraud, ACH debits have also been used as a vehicle to perpetrate crime.

As a PNC corporate client, you enjoy convenient access to a number of effective and reliable tools that will help you limit losses from check and ACH fraud.

2016 Association for Financial Professionals (AFP) Payments Fraud and Control Survey

The twelfth annual AFP Payments Fraud and Control Survey demonstrates that new cyber security models and strict control governance are more crucial than ever given that 75% of companies were targets of payment fraud in 2015.

The study was conducted to gauge the level of activity of payments fraud, the payments methods impacted by fraud, the various types of fraud and the challenges associated with payments fraud as well as the strategies organizations are adopting to protect themselves against fraudsters.

The study revealed that:

  • Wires fraud incidents nearly doubled, from 14 percent in 2013 to 27 percent last year.
  • Paper checks continue to lead as the payment type most susceptible to fraudulent attacks.
  • Credit and debit cards experienced a decline in fraudulent activity, down from 43% in 2013 to 34% in 2014.
  • 92% of finance professionals surveyed believe EMV (EuroPay, MasterCard and Visa) cards will be effective in reducing point-of-sale (POS) fraud.

2016 AFP Payments Fraud and Control Survey - Report of Survey Results

Tools to Help You Prevent Fraud

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