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While corporates are adopting stronger internal controls to combat the threat of payments fraud, new data from the Association for Financial Professionals (AFP) reveals the number of incidents has continued to climb to new heights. ”
The 2020 Association for Financial Professionals (AFP) Payments Fraud and Control Survey underwritten by JPMorgan found that business emailcompromise (BEC) was the most noted origin of tried or actual fraud incidents in 2019, according to an announcement. That figure marks the second-highest percentage in the past 10 years.
The Association for Financial Professionals (AFP) came out with some scary statistics this month: B2B payments fraud is not only on the rise, but at its highest levels ever since the AFP began recording this information. But there are other ways the AFP found businesses are exposed to payments fraud, most notably through the BEC scam.
Thus, business emailcompromise fraud (BEC) is evolving too. The Association for Financial Professionals ( AFP ) found that although automated clearing house transactions are generally regarded by CFO.com to be relatively “safer” than other types of transactions — say, paper checks — fraud involving ACH is on the rise.
49% of financial professionals say earnings uncertainty is a greater threat today than it was three years ago, according to the 2017 Association for Financial Professionals Risk Survey. 40% more cyberbreaches impacted U.S. businesses in 2016 than the year prior, found CyberScout. The report found that more than half of these breaches (55.5
In the Association for Financial Professionals ‘ 2017 Payments Fraud Survey, the organization saw a significant rise in the amount of B2B payment fraud occurrences. 74 percent | Percentage of companies that were tricked by 2016 business emailcompromise (BEC) scams.
In an illustration of just how widespread payments fraud can be, consider the 2018 AFP Payments Fraud Survey , underwritten by JPMorgan, which a few weeks ago found that such activity hit a new high last year. As for other avenues, business emailcompromise showed up mightily, experienced by 77 percent of organizations in 2017.
Separate research released in April by the Association for Financial Professionals in its 2017AFP Payments Fraud Survey found that corporate payments fraud is now higher than ever, with analysts citing a “dramatic” increase in fraud compared to levels seen in 2015.
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