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Digital Identity, Security & Online Fraud

73% of US companies experienced payments fraud in 2015

Friday 1 April 2016 | 12:23 PM CET

Wire fraud has skyrocketed, possibly due to increasingly popular business e-mail compromise scams, a recent study unveils.

Nearly three quarters of all American businesses were targeted for payments fraud in 2015, according to new research by the Association for Financial Professionals.

73% of all US companies have experienced a payments fraud attack in 2015. That matches the largest percentage since 2009, and was up from 62% in 2014.

Yet even without facing a direct substantial financial loss, payments fraud costs American organizations resources in the form of security, cyber insurance and training. BEC scams, short for business e-mail compromise, are an increasingly common type of fraud which greatly impacts wire fraud.

In 2015, 64% of organizations were exposed to BEC scams. Though checks continue to be the payment method most targeted by fraudsters, in 2015, 48% of organizations were exposed to wire fraud, an increase from 27% in 2014 and 14% in 2013.

Though treasury and finance professionals are pinning their hopes on EMV chip cards to alleviate at least some payments fraud, 90% believe that criminals will shift their focus to other payment methods if EMV chip cards are successful in mitigating fraud, an increase of 10 percentage points from 2014.

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