Fighting BEC and payments fraud

Fraud is on the rise for organizations, but losses are varied. The following graphic illustrates how fraud and BEC continue to target large commercial and corporate businesses.

Tags: BEC, Fraud protection, Risk mitigation
Published: October 03, 2018
BEC infographic
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Fighting BEC and payments fraud

According to the 2018 AFP Payments Fraud and Control Survey, wire transfers and paper checks continue to be targets for business email compromise (BEC) scams.

 

FRAUD ON THE RISE 78%

Payments fraud cases have been on the rise in recent years, after a steady decline from 2009 to 2013. In 2017, 78 percent of survey respondents experienced attempted or actual fraud.

 

BEC STILL DOMINATES...

Since AFP began tracking BEC scams, the percentage of  reported attacks has grown each year. In 2017, 77 percent of respondents experienced a BEC attack.

 

...AND LOSSES ARE VARIED 48%

Among reported targets in 2017, 48 percent experienced financial losses. In addition, non-financial charges can be severe and difficult to quantify.

 

TARGETING WIRE AND PAPER

Wire transfers and paper checks are still targeted most often. As new technology develops, fraudsters can use imaging software to forge checks more effectively.

 

COMPANIES FIGHTING BACK 77%

Over three-fourths of financial professionals have implemented additional internal security controls 

to fight against BEC threats. Tools include added filters, verification, and internal education/training.

 

Learn how to fight back. Contact your relationship manager for more information.

U.S. Bank

Member FDIC ©2018 U.S. Bank.

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©2018 U.S. Bank. Member FDIC.