Payments Fraud Overview

Our Treasury Management team monitors fraud and provides education to our clients for protective measures. They have provided some useful information about payments fraud below.

Payments fraud, whether attempted or successful affects organizations of all sizes each year.

  • In 2020, 74% were targets of payments scams
  • 67% of companies with revenue less than $1B have experienced attempted and/or actual payments fraud
  • Changes due to Covid-19 caused numerous changes at most organizations and exposed weaknesses that fraudsters were able to exploit
  • 30% of companies reported an increase in fraud attempts between 2019 and 2020

Leading sources of attempted or actual fraud:

  • Business E-Mail Compromise
  • Outside Individual –Forgery, card compromise
  • Third-Party / Vendor
  • Account Takeover

Check and Wire Fraud are the most common payments fraud

Learn More about Online Fraud Prevention

Read More Wire Transfer Best Practices

Implement Automated Best Practices Clearing House (ACH)

Contact our Treasury Management Team to discuss tools and best practices to help protect yourself against fraud.

Click Here to view a PDF of this presentation.