04/30/2021 | Press release | Distributed by Public on 04/30/2021 06:24
The survey also found that business email compromise (BEC) continues to be the primary source for attempted or actual payments fraud, as 62% of companies that experienced attempted or actual payments fraud in 2020 did so as a result of BEC. Although the percentage of companies financially impacted by BEC has been declining, 76% of respondents report that their organizations had been targeted by BEC attempts in 2020.
'While the coronavirus pandemic has certainly impacted how organizations operate, employees must continue to be watchful of fraudulent activity, and they must have access to the training and education needed to detect the same,' said Jim Kaitz, president and CEO of AFP. 'Our working environment may have changed, but it is even more crucial to be vigilant now and remember that fraud is still prevalent, whether we are working from the office or not.'
Other highlights of the 2021 AFP Payments Fraud and Control Survey include:
'We've seen companies of all sizes and industries shift how they work, manage payments and move money over the last year. With changes in behavior comes more responsibility for everyone involved,' said Sue Dean, head of Product Delivery for J.P. Morgan's Commercial Banking and Wholesale Payments businesses. 'Raising awareness and educating both leaders and employees is critical, as is offering intentional and intuitive digital solutions so companies are equipped to combat and properly protect themselves against fraud.'
Payments is going to be a central topic of AFP 2021, taking place November 7-10 in Washington, D.C. Educational sessions in the Payments track will range from making the use case for faster payments; response, recovery and growth strategies for global A/R teams in 2021; and preparing now to accelerate your business with instant payments. Register for the event here.