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Data for today’s episode is provided by Mercator Advisory Group’s Report: The Cost of Fraud: B2B Payments Experience 10% Increase During the Pandemic
Checks Are the Top Vehicle for Commercial Payments Fraud:
- 66% of surveyed organizations experienced actual or attempted check fraud – but incidents have declined by 8% since 2019.
- 39% of surveyed organizations have experienced actual or attempted wire transfer fraud.
- 34% of surveyed organizations have experienced actual or attempted ACH debit fraud.
- 39% of surveyed organizations have experienced actual or attempted wire transfer fraud.
- 24% of surveyed organizations have experienced actual or attempted corporate/commercial credit card fraud.
- 19% of surveyed organizations have experienced actual or attempted ACH credit fraud.
- 6% of surveyed organizations have experienced extortion due to ransomware.
About Report
Mercator Advisory Group released a report covering commercial payments fraud titled The Cost of Fraud: B2B Payments Experience 10% Increase During the Pandemic. The research explores the impact of fraud with particular emphasis on the B2B payments space. Through an analysis of internal and external fraud, one can gain a deeper understanding of the most common types of fraud schemes, what payment types are subject to the most payments fraud, and how the industry is fighting back. The report also explores the rise in business email compromise (BEC) fraud and new ways that fraudsters are targeting organizations.
“As fraudsters continue to adapt to ever-changing payment trends, organizations must be ready to defend their bottom lines,” comments Ben Danner, Analyst, at Mercator Advisory Group, and the author of the research report. “Organizations can perform several technological and non-technological interventions to combat this rising problem.”
