The 2014 Association for Financial Professionals Payments Fraud and Control Survey by J.P. Morgan reports 60% of organizations were exposed to actual or attempted payments fraud in 2013. The typical financial loss incurred by companies was $23,100. The Report key findings indicate the top four targets as:
- Check payments (82%)
- Credit/debit cards (43%)
- ACH debit fraud (22%)
- Wire transfer fraud (14%)
Posing a greater payoff for criminals, wire transfer fraud is increasing. They are typically higher amounts, easy and fast to execute, and there is immediate access to the funds once transferred to the criminal’s account.