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 2021 AFP Payments Fraud and Control Survey.
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 13, 2021 to discuss the findings from the 2021 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.
Speakers:
Sue Dean
Head of Product Delivery for Commercial Banking and Payments
J.P. Morgan Commercial Banking
Steven Bernstein
Manager, N.A. Payables Product Support Specialist
J.P. Morgan Corporate and Investment Bank
Moderator:
Tom Hunt
Director, Treasury Services
The Association for Financial Professionals
Lisa Kerr
Vice President, Global Risk Management and Business Continuity
Henry Schein, Inc
Frank D’Amadeo
Senior Manager, Assistant Treasurer, Treasury
Con Edison
2021 AFP Payments Fraud & Control Survey
We are proud to sponsor the AFP Payments Fraud and Control Survey for the 13th consecutive year and deliver the 2021 key highlights report.
According to the survey, 74 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 2020, 76 percent of businesses reported being targeted by BEC. Here are the three most common methods:
Impersonating vendors
in emails, directing payments based on real invoices
Emails from third parties
requesting changes of bank accounts and payment instructions
Spoofed emails
from senior executives directing a transfer of funds
How Organizations Are Defending Themselves
Ways financial companies are safeguarding their companies BEC include:
77%
use end-user education and training
67%
confirm requests for transfer of funds by executing a call back
66%
use stronger internal controls prohibiting payments initiation based on emails or other less secure messaging systems
57%
adopt at least a two-factor authentication
