According to AFP’s 2019 survey, payments fraud has become the “new normal” for many organizations today. Reaching a new record last year, 82 percent of financial professionals reported that their organizations were targets of fraud – up four percentage points higher than the previous record-breaking year.
Historically, checks and wire transfers are the top two payment methods most subject to fraud, however, it is worth noting that the survey reported a decrease in fraud across both of these channels. While the slight decrease in fraud via checks and wire transfers may be worth celebrating – down four and three points, respectively – it is unfortunately accompanied by a noticeable increase in fraudulent activity impacting both ACH credits and ACH debits.
