01/25/2024

Payment Fraud Attempts on U.S. Businesses Spiked 71% in 2023, According to New Trustpair Research

Business Wire

NEW YORK--(BUSINESS WIRE)--Ninety-six percent of U.S. companies were targeted with at least one fraud attempt in the past year. Ninety percent of those companies were hit with at least one successful attack, according to a new research survey of more than 260 senior finance and treasury leaders. The proprietary research, which was conducted and released today by Trustpair, uncovered that a rise in cyber fraud, which includes activity such as hacking, deepfakes, voice cloning and highly sophisticated phishing schemes, is driving the increase in attacks.

Eighty-three percent of U.S. companies saw an increase in cyber fraud attempts on their organization in the past year. Fraudsters primarily used text messages (50%), fake websites (48%), social media (37%), hacking (31%), business email compromise (BEC) scams (31%) and deepfakes (11%) to dupe organizations. CEO and CFO impersonations (44%) was the third most common type of fraud.

“Our research shows fraudsters are becoming increasingly more sophisticated in their tactics and their reach is expanding. They’re using new channels to infiltrate organizations,” said Baptiste Collot, Co-Founder and CEO of Trustpair. “As the risk of vendor payment fraud grows, so does the need to automate bank account validations and embed them into your daily processes. It’s essential for winning the fight against fraud and ensuring payments are sent to the correct parties.”

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