Cybersecurity and Fraud Protection
2018 AFP Payments Fraud and Control Survey Report
As technology evolves, so does payments fraud. Download the full 2018 AFP Payments Fraud and Control Survey Report to find out how you can protect your organization.
J.P. Morgan is proud to sponsor the AFP Payments Fraud and Control Survey for the tenth consecutive year and to provide you with the 2018 report.
The survey shows that 78 percent of companies were targets of payments fraud last year demonstrating the crucial need for cybersecurity protocols and strict control governance. Additionally, the survey reveals that in 2017:
- 77 percent of organizations experienced Business Email Compromise (BEC)
- 54 percent of BEC scams targeted wires, followed by checks at 34 percent
- 77 percent of organizations implemented controls to prevent BEC scams
- 74 percent of organizations experienced check fraud, a slight decrease from 2016
- 28 percent were subject to ACH debit fraud and 13 percent were subject to ACH credit fraud
- 67 percent of payments fraud was discovered by the organization’s treasury staff
With these statistics in mind, it is important for all businesses to take preventive measures to protect payments, including educating employees on current payments fraud practices, and implementing the products and processes necessary to protect corporate assets and data from cyber fraud.
J.P. Morgan is one of the world’s largest providers of treasury management services and is a leader in electronic payments technology and solutions. We are committed to fraud mitigation and information protection across our entire infrastructure, and we will continue to invest in the technology, educational tools and risk management expertise in the ongoing fight against payments fraud.
We hope this survey serves as such an important tool in understanding the potential cyber risks within the payments industry—they should not be underestimated. We would like to thank the AFP for providing us with this year’s valuable insights—they are an important reminder that the best defense is to remain vigilant in fraud detection and cybersecurity protection protocols.