Cybersecurity and Fraud Protection
Examining the Threat and Impact of Fraud
Learn about the ever-evolving cyber threats to your organization and how to prepare based on the 2020 AFP Payments Fraud and Control Survey.
J.P. Morgan and the Association for Financial Professionals (AFP®) hosted a live webinar on May 12, 2020 to discuss the findings from the 2020 AFP Payments Fraud & Control Survey. Hear experts talk about the latest trends in fraud and best practices that can help you safeguard your business, data and employees.
Head of Client Fraud Prevention
Head of Payment Product Delivery
Director, Treasury Services
The Association for Financial Professionals
2020 AFP Payments Fraud & Control Survey
We are proud to sponsor the AFP Payments Fraud and Control Survey for the 12th consecutive year and deliver the 2020 key highlights report.
According to the survey, 81 percent of companies were targets of payments fraud last year, demonstrating the continued pervasiveness of this threat and the fact that no industry is immune. Business email compromise (BEC) remains a primary method of attack and a challenge for businesses of all sizes.
As a leader in treasury management services and electronic payments technology, J.P. Morgan is committed to mitigating fraud and protecting client information across our entire infrastructure. We will continue to invest in the technology, educational tools and risk management expertise to help protect your business.
Organizations should also stay vigilant by educating employees on the latest payments fraud practices and implementing tools and processes to safeguard their assets and data. Learn more by downloading the key highlights report and viewing the infographic below.
The Fight Against Email Scams Continues
In 2019, 75 percent of businesses reported being targeted by BEC. Here are the three most common methods:
in emails, directing payments based on real invoices
Emails from third parties
requesting changes of bank accounts and payment instructions
from senior executives directing a transfer of funds
How Organizations Are Defending Themselves
Ways financial companies are safeguarding their companies include:
use Positive Pay to verify the authenticity of checks
perform daily reconciliation on ACH debit accounts
ensure disaster recovery plans include preservation of strong controls