Cybersecurity and Fraud Protection
2019 AFP Payments Fraud and Control Survey Report
As technology evolves, so does payments fraud. Download the 2019 AFP Payments Fraud and Control Survey Report Key Highlights to find out how you can protect your organization.
As technology evolves, so does payments fraud. Download the full 2019 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 eleventh consecutive year and to provide you with the 2019 report key highlights.
The survey shows that 82 percent of companies were targets of payments fraud last year, demonstrating the crucial need for cybersecurity protocols and strict control governance. Additionally, the survey revealed that in 2018:
- 80 percent of organizations experienced Business Email Compromise (BEC)
o 54 percent of organizations reported financial losses as a result of BEC
o 70 percent of BEC scams targeted checks, followed by wires at 43 percent
- 70 percent of organizations experienced check fraud, a slight decrease from 2017
- 64 percent of attempted or actual payments fraud resulted from actions of an individual outside the organization
- One-fourth of organizations indicated they have not received any advice from their banks, regarding mitigating potential additional risks with same-day ACH operational for both credit and debit transactions
With these statistics in mind, it’s 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 safeguard corporate assets and data from cyberfraud. It is equally important for all businesses to consider and mitigate against non-financial implications of payments 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 an important tool in understanding the potential cyber risks within your organization, which should not be underestimated. We would like to thank the AFP for providing us with this year’s valuable insights—they’re an important reminder that the best defense against payments fraud is to remain vigilant in detection and cybersecurity protection protocols.