Payment Fraud Continues to Grow
The Association for Financial Professionals recently released the findings of their 2018 AFP Payments Fraud Survey, and the numbers were pretty startling: 78% of respondents reported that their companies had been victims of payments fraud in 2017, up from less than 75% the year before. The good news is that check fraud decreased slightly from 2016, but ACH fraud continued to be high, both for debit and for credit payments. A major source of this fraud is business email compromise, or BEC. It's clear that electronic payments are here for the long term, so what can users do to fight risk and ensure the security of their funds? Is fraud inevitable with automated payments?