"The IT department is constantly sending phishing emails as tests, and we have on-going training."
Looking to learn more about the survey findings
“We receive updated payment information for vendors on a regular basis. On more than one occasion when we call our contact at the company to confirm the updated payment details, the company has informed us that nothing has changed and the documentation we have received is fraudulent.”
Checks remain the primary target for fraudsters
77% of organizations experienced fraud via Business Email Compromise in 2017. From CEOs to treasury analysts, anyone and everyone is a likely target.
AFP 2018 Payments Hub
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Business Email Compromise (BEC) continues to be popular among fraudsters
Controlling fraud is top-of-mind for business leaders, and they are actively implementing measures to contain payments fraud. Have they been successful in deterring the perpetrators of these attacks or do they need to do more?
Payments Fraud and
Benchmark your organization’s payments fraud structure.
Key Takeaways from the Payments Fraud and Control Survey
Click below to learn what methods your peers are using to combat payments fraud.
Hear AFP’s Payments subject matter expert, Magnus Carlsson, share his insight on the
2018 AFP Payments Fraud and Control Survey.
Payments Fraud reached a record high
“AP received an e-mail from the owner requesting a payment transfer. The AP manager verified the request and found it to
be fraudulent. IT then traced the e-mail to
an IP address in Russia.”
"Disbursement accounts are all set up with ACH debit filters/Positive Pay.
Non-disbursement accounts block all ACH Debits."
PAYMENTS FRAUD AND CONTROL SURVEY REPORT
TAKE A DEEPER DIVE
“Positive Pay, in my opinion, is probably the best technology in the world to prevent forgery."
Checks were subject to more payments fraud than any other payment method, a staggering 74% of finance professionals report that their organizations’ check payments were exposed to fraud.
Do You Have the Right Controls In Place to Target Payments Fraud?
Though finance professionals are actively implementing controls to prevent payments fraud, 78% of organizations were still impacted in 2017.