Mar 21 2012
The Association of Financial Professionals (AFP) has released its latest survey on Business to Business Fraud. According to the findings 66% of the respondents were the targets of an attempted or actual payment fraud in 2011. Of those attempts, checks were the dominant payment form targeted by the criminals. Nearly 85% of the organizations that were targeted by fraudsters reported that checks were most frequently targeted. Further, the companies that suffered a financial loss as a result of the fraud averaged a loss of around $19,200. The good news is that the number of organizations that suffered attempted or actual payment fraud has declined over the last two years. Not surprisingly, the larger the company the more likely they are to be targets of fraudsters.
It is also interesting to note that check fraud remains the favored target, despite the decreasing use of checks by corporate entities. After checks, according the report, the most popular targets for fraud include ACH, corporate or commercial purchasing cards, and consumer payment cards. For full details on the survey, you can download the report here.
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