This alert may not be shared outside your organization, Do Not Repost or send, place on other websites, List servers, or send to others via email, including other associations or parties. Members and Law enforcement use only. Contact us for any permissions. To do otherwise will result in the loss of membership.
Complete Story
08/23/2019
Payments and Fraud Control: Good News, Bad News
PaymentsJournal
Earlier this year, AFP (Association of Finance Professionals) published its annual “Payments Fraud and Control Survey,” which looks at trends in business payments fraud and what companies are doing to combat them.
The news wasn’t particularly good. Even though companies are finding some success with increased fraud-prevention efforts, they’re having trouble keeping pace. Eighty-two percent of the survey’s 628 respondents said their organizations experienced attempted or actual payments fraud in 2018. That represents a nearly a 20% rise in the past five years. We’re at a point where it’s no longer a question of whether your business will experience fraud, but when.
What stands out in this year’s report is that criminals keep finding new ways to attack businesses, and they’re increasingly attacking large enterprises. No company is immune, and businesses need to find even better ways to safeguard every type of payment along with the payment process itself, because the fraudsters are always one step ahead.
Alerts
The FRPA alert system distinguishes us from other groups by gathering and providing information to law enforcement, retailers AND financial institutions.
more information
Resources
Your electronic library to help in fighting financial fraud for all of our partners.
more information