Payment fraud threats have become a major concern for organizations globally, with more than 80% of financial professionals reporting incidents of attempted fraud*. Payment fraud trends globally reflect a continued and sustained growth over the past 4 years.
Organizations are more aware of increasing threats and many have actively implemented control measures. Unfortunately, this added vigilance is not always enough. New technologies are streamlining electronic payments, but perpetrators are using those same solutions to attack payment processes and platforms. The tactics used by fraudsters evolve and increase in sophistication continually, attempted attacks are becoming harder to identify resulting in greater success infiltrating organizational payment flows.
As well as the obvious financial impact, fraudulent incidents may subject firms to additional regulatory scrutiny, privacy concerns, reputational damage, litigation and loss of clients/investors. In addition, post-breach remediation costs can be extremely high. It has become essential that firms are proactive in predicting and assessing their exposure to these threats in order to mitigate the likelihood and impact of a payment fraud incident.
*2019 AFP Payments Fraud and Control Survey
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