73% of American firms targets of payments fraud in 2015

73% of American firms targets of payments fraud in 2015

Nearly three quarters of all American businesses were targeted for payments fraud in 2015, according to new research by the Association for Financial Professionals.

Of 627 treasury and finance professionals quizzed by the AFP, 73% say they experienced a payments fraud attack last year, up from 62% in 2014 and the highest rate since 2009.

Business email compromise scams are an increasingly common type of fraud, affecting 64% of organisations last year. Meanwhile, cheques continue to be the payment method most targeted by fraudsters, but wire fraud is on the up, aimed at 48% of respondents in 2015, compared to just 14% in 2013.

As for the future, firms are hoping that EMV chip cards will alleviate at least some payments fraud but 90% of those quizzed think that crooks will simply shift their focus to other scams.

Nancy McDonnell, treasury executive, JP Morgan, says: "Each year, payments and cyber fraud schemes grow in sophistication and knowing how to recognize and manage these threats is critical to protecting your organization. Investing in the appropriate data protection tools, infrastructure controls and employee education is essential for all businesses."

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