Report: two-thirds of firms affected by fraud last year
When it comes to payments fraud, companies that haven’t been impacted are in the minority.
Two-thirds of businesses experienced attempted or actual payment fraud last year. And, compared to 2010, incidents of fraud increased 28% in 2011.
These are some of the major highlights from the comprehensive 2012 Association for Financial Professional Payments Fraud and Control Survey.
Among companies that experienced payments fraud in 2011, the average financial loss was $19,200. However, 74% of the employers that were victims of actual and/or attempted didn’t suffer any financial loss from the experience.
As for the type of payment fraudsters targeted most, checks were by far the clear favorite. A whooping 85% of businesses said their checks were targeted by fraud.
Here’s a breakdown of the other vulnerable payment methods employers reported:
- ACH debit (23%)
- Corporate/commercial cards (20%)
- Consumer credit/debit card (12%)
- ACH credits (5%), and
- Wire transfers (5%).
Here are some tips on how to limit your company’s exposure to fraud.
To view the entire AFP survey, click.
- Share on
Free Training & Resources
White Papers
Provided by Anaplan
White Papers
Provided by Personify Health
Webinars
Provided by Yooz
Further Reading
A lot more contractors and businesses like yours that receive payments via CashApp, PayPal or Venmo have been bracing for getting a 2022 Fo...
The big January 31 filing deadline for Form 1099-NEC is almost here! Organizations must not only put Form 1099-NEC into the hands of pay...
Is there a single business in the U.S. that’s resisted raising prices since early 2020? Good luck finding one. But there’s a fi...
Accounting firms face tougher fiduciary duties as the result of three new federal rules. The Securities & Exchange Commission (SEC) ...
Does it feel like the cost of nearly everything is on the rise or not coming down? Just when a commodity comes down in price, another one c...
A beneficial ownership reporting rule that takes effect January 1, 2024 may add another critical item to your compliance to-do list. An ...
