Executive Connect - Resources and insights for small and midsized businesses Keep up with Commercial Banking Trends (Subscribe to our Newsletters)

Email This Article

Note: Fields with an * are required

To *
(email address)

Subject  

Your name *

Your email address*

 

 

Message  

 
  Send  Cancel

Please note: To continue receiving e-mails from Chase Commercial Banking, add commercialbanking@chase.com to your address book.

The e-mail addresses entered on this page will not be used to send unsolicited e-mail and will not be sold to a third party.

For additional information, view our Privacy and Security Policy.

 

Print

2013 AFP Payments Fraud Survey

61% of organizations surveyed experienced attempted or actual payments fraud in 2012.

It has been three and a half years since the end of the recession. Those years have seen steady but slow economic growth and stubbornly high unemployment. Business conditions continue to be plagued with uncertainty. Despite these developments—and perhaps surprisingly—the incidence of payments fraud continued to moderate during 2012. Even more, the share of companies that experienced payments fraud last year was the lowest since 2004. Still, the level of fraudulent activity remains high, and a variety of criminal threats continue to challenge treasury staffs.

Beginning in 2005, the Association for Financial Professionals (AFP) has conducted an annual survey to examine the nature and frequency of fraudulent attacks on business-to-business payments and the industry tools that organizations use to control payments fraud. Continuing that research, AFP conducted its annual Payments Fraud and Control Survey in January 2013 to capture the payments fraud experiences of organizations during 2012. Results of that survey are reflected in this, the 2013 AFP Payments Fraud and Control Survey report.

This year's report reveals that a majority of organizations experienced attempted or actual payments fraud in 2012. The survey results underscore the importance for organizations to mitigate their risks to such fraud, including using appropriate services and procedures to minimize exposure to financial losses. As in previous studies, this year's report again reviews the relationship of key organizational characteristics—annual revenues, the number of payment accounts organizations have and where organizations conduct business—on payments fraud metrics. The report also includes data on other trends in the payments space, including the expected impact of mandates to switch to EMV (Europay, MasterCard, Visa) cards or EMV/NFC (Near Field Communication) equipped mobile devices.

Read the full report for detailed findings from the 2013 AFP Payments Fraud Survey.

More in: Mitigate Risk