2015 AFP Payments Fraud and Control Survey
The payments sector is rapidly evolving. And so is payments fraud. As new payment methods are being introduced there are increasing criminal attempts on various payment methods.Sixty-two percent of finance professionals report that their organizations were targets of payments fraud in 2014. Organizations have implemented several strategies to mitigate cyberattacks, including technical changes and safeguards (71%), training and education (62%), and segmentation of payments authorizations (43%).
Gain key insights on the 2015 AFP Payments Fraud and Control Survey:
Key Takeaways from the 2015 AFP Payments Fraud Survey:
- Checks remain the most-often targeted payment method by those committing fraud attacks. Credit/debit cards are the second most frequent target of payments fraud.
- A vast majority of survey respondents firmly believe EMV-enabled credit/debit cards will be effective in reducing point-of-sale (POS) fraud.
- Sixty-one percent of survey respondents report that Chip-and-PIN validation will be most effective in preventing credit/debit card fraud.
About the AFP Payments Fraud Survey:
To gauge the trends and the challenges associated with payments fraud, the Association
for Financial Professionals® (AFP) has conducted Payment Fraud and Control surveys
since 2005. The 11th annual Payments Fraud and Control Survey was conducted in
January 2015. Results of the survey are reflected in the 2015 AFP Payments Fraud and
Control Survey Report.
AFP thanks J.P. Morgan for its long-time and continued underwriting support of AFP’s
payments fraud survey series.
Previous editions of the AFP Payments Fraud and Control Survey: