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Digital Identity, Security & Online Fraud

75 percent of organizations were victims of payments fraud in 2016

Thursday 6 April 2017 | 09:57 AM CET

The 2017 AFP Payments Fraud Survey, underwritten by J.P. Morgan, has revealed that three quarters of corporate treasury and finance professionals said their companies were victims of payments fraud. 

Checks continue to be the most popular method for committing payments fraud. Fully 75% of organizations that were victims of payments fraud in 2016 experienced check fraud.

Highlights of the 2017 AFP Payments Fraud and Control Survey, which had 547 responses:

• 74% of survey respondents said their organizations were victims of business email compromise in 2016
• 70% of organizations are being proactive and have implemented controls to prevent business email compromise.
• 63% of payments fraud attempts were made by outside individuals.

Over 70 percent of corporate treasury and finance professionals are skeptical about adopting mobile payments at their organizations as they question the security of this payment method.

Nancy McDonnell, Managing Director and Treasury Sales Executive at J.P. Morgan, said it is important that businesses take preventive measures by educating their employees and implementing the products and processes they need to prepare and protect their assets and data from cyber fraud.

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