Payments Fraud Hits Record Highs

Check Fraud and BEC Scams Are on the Rise

Contributed post from JP Morgan Chase, a platinum level sponsor of Subscribed.

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.

Some of their findings include:
– Fraud is reaching record highs, with 74% of finance professionals reporting that their companies were victims of payments fraud 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.
– Wire fraud levels have almost tripled since 2013
– 74% of organizations were exposed to BEC (business email compromise scams) scams in 2016
– 74% of organizations perform daily reconciliations on transaction activity
– 93% of finance professionals believe that EMV (Europay, Mastercard and Visa—the global standard for cards equipped with computer chips and the technology used to authenticate chip-card transactions) will alleviate point-of-sale fraud

Want more details? Download the full infographic here.

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