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Survey: Record Number of Organizations Were Victims of Payments Fraud in 2016BETHESDA, Md., April 4, 2017 /PRNewswire/ -- Nearly three quarters of corporate treasury and finance professionals said their companies were victims of payments fraud last year, according to the 2017 AFP Payments Fraud Survey, underwritten by J.P. Morgan. This is the highest percentage since the survey debuted in 2005 and comes after a dramatic increase in 2015. Check fraud and business email compromise are both on the uptick. Checks continue to be the most popular method for committing payments fraud. Fully 75 percent of organizations that were victims of payments fraud in 2016 experienced check fraud—an increase from 71 percent in 2015. This is a reversal of the declining trend observed in check fraud since 2010. Read the full results and for any press inquiries or to receive the full survey results, please contact Melissa Rawak at [email protected]. Highlights of the 2017 AFP Payments Fraud and Control Survey, which had 547 responses:
Over 70 percent of corporate treasury and finance professionals are hesitant about adopting mobile payments at their organizations as they question the security of this payment method. "The fraud survey serves as an important resource in understanding the potential risks within the payments industry and should not be underestimated," said Nancy McDonnell, Managing Director and Treasury Sales Executive at J.P. Morgan. "With three-quarters of companies experiencing fraud in 2016, it is important that businesses take preventive measures by educating their employees and implementing the products and processes they need to prepare and protect their assets and data from cyberfraud." About AFP® Headquartered outside Washington, D.C., the Association for Financial Professionals (AFP) is the professional society committed to advancing the success of its members and their organizations. AFP established and administers the Certified Treasury Professional and Certified Corporate FP&A Professional credentials, which set standards of excellence in finance. Each year, AFP hosts the largest networking conference worldwide for over 6,500 corporate finance professionals.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/survey-record-number-of-organizations-were-victims-of-payments-fraud-in-2016-300433638.html SOURCE Association for Financial Professionals |