According to the Association of Financial Professionals’ (AFP) 2018 Payments and Fraud Control Survey, 78% of companies were victims of payments fraud in the previous year. AFP’s President and CEO Jim Katz, commenting on the study, said “It is alarming that the rate of payments fraud has reached a record high despite repeated warnings.”
Clearly, greater overall awareness on the part of business owners of new forms of fraud and advancements in anti-fraud technology has not deterred attackers. “Bad actors” have been keeping pace and continue to develop new tactics. In this environment, businesses need to remain vigilant, understand and anticipate scams, and better prepare themselves to deter threats.