Nearly three quarters of corporate treasury and finance professionals said their companies were victims of payments fraud last year, according to the Association for Financial Professionals (AFP). This is the highest percentage since the survey debuted in 2005 and comes after a dramatic increase in 2015. Check fraud and business email compromise are both on the uptick.
Checks continue to be the most popular method for committing payments fraud. Fully 75 percent of organizations that were victims of payments fraud in 2016 experienced check fraud—an increase from 71 percent in 2015. This is a reversal of the declining trend observed in check fraud since 2010.