Digital payments, social engineering and business email compromise (BEC) are all payments fraud trends on the rise. Read on to explore the latest insights from the Association for Financial Professionals (AFP) 18th Annual Payments Fraud Survey that details these trends with tips to keep your organization safe.
Fraud is a significant threat, and new trends are emerging. Fraud remains a major problem:
These types of fraud are increasing and intensifying:
Actions to mitigate fraud:
Proactive and reactive measures
Regularly look at anomalies – uncover undetected patterns
Fraudsters are innovating around digital payments
As settlement speeds accelerate, new fraud types will emerge, creating a need for corresponding fraud prevention tooling for Real Time Payments (RTP)
ACH debit and credit fraud attacks are rising
Tips to block same-day ACH debit and credit fraud:
Social engineering is a growing challenge
A trend on the rise
A 14% increase over the 2021 report1
Avoid social engineering:
Business Email Compromise remains a substantial threat
In 2021, BEC was the source of the majority of payments fraud attempts and attacks
Top ways you can combat BEC:
1. Implement company policies for providing appropriate verification (e.g., contact information from a system of record) before making any changes to existing information
2. Confirm requests for any transfer of funds by executing a callback to an authorized contact at the payee organization using a phone number from a system of record
3. Use real-time tools in order to detect both mismatches from expected counterparty information while simultaneously authenticating the counterparty wherever possible
Educate employees on BEC threats and how to identify email scams
Fraud mitigation components must work together to battle these ongoing and emerging threats.
1InstaMed Trends in Healthcare Payments Annual Report
Contact your local J.P. Morgan representative to learn more about trends in payments fraud and cybersecurity threats.
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