Payment Solutions News | By the Numbers

PROGRESS REPORT ON FRAUD


The 2018 AFP® Payments Fraud and Control Survey Report shows not only an uptick in organizations reporting payments fraud attacks but also that organizations are finding ways to better protect themselves and mitigate losses.[1]

 

ORGANIZATIONS REPORTING PAYMENT FRAUD ATTACKS FRAUD INCIDENCE IN 2017 BY COMMERCIAL PAYMENT METHODS (among organizations that experienced payment fraud) CHECKS WIRES CORPORATE CARDS ACH DEBIT ACH CREDIT percentage point change from 2013 CHECKS • Due to popularity for B2B payments/paper-based payment methods. • Popular methods used by organizations to protect against check fraud: - Positive Pay (90%) - Daily reconciliation (75%) - Segregation of accounts (68%) WIRES • Linked to growth of business email compromise (BEC) fraud. - 54% of BEC scams in 2017 targeted wires. PAYMENT TYPES WITH THE HIGHEST FRAUD INCIDENCE of organizations reported commercial card fraud attempts in 2017, down from 43% in 2013 of organizations reported actual fraud losses of less than 0.5% of annual revenue ORGANIZATIONS ARE MAKING PROGRESS of organizations reported that fraud was uncovered by treasury staff 67 % 97 % of organizations uncover fraud in less than one week 47 % 30 % SWITCH to more secured commercial payment types DEPLOY dedicated fraud protection solutions HOW CAN YOU MINIMIZE EXPOSURE TO & LOSSES FROM FRAUD? EDUCATE staff on safe payments practices and the need for vigilance MONITOR payment spending activity to identify unusual patterns

 

 

 

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  1. AFP® Payments Fraud and Control Survey Report, 2013 and 2018

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