Survey Research & Economic Data
2023 AFP Payments Fraud and Control Survey
The 2023 AFP® Payments Fraud and Control Survey reports 65 percent of organizations were victims of payments fraud attacks/attempts in 2022. Of those organizations experiencing attempted or actual payments fraud, 71% were victims of Business Email Compromise (BEC). Over 450 treasury practitioners participated in this survey and their responses form the basis of this report. The survey, now in its 15th year, was underwritten by J.P. Morgan.
Other survey highlights:
- Checks continue to be the payment method most vulnerable to fraud, with 63% of respondents reporting their organizations faced fraud activity via checks.
- Of those who were victims of payments fraud in 2022, more than one-fourth of organizations (27%) were able to successfully recover at least 75% of funds lost. However, nearly half (44%) were unsuccessful in recouping any of the stolen funds.
- Forty-five percent of respondents (the highest in the past five years) cited wires as a top payment method used during BEC attempts.
- Instances of fraud via commercial card increased by 10 percentage points, and instances of fraud via ACH credits and virtual cards increased by 6 percentage points each.
- When looking to report payments fraud, nearly 80% of organizations are most likely to seek assistance from their banking partners for guidance regarding the steps to take to minimize the impact of the fraud.
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If you are interested in referencing data from this report in marketing materials, etc. please contact Mariam Lamech, Director Survey Research at [email protected].
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Questions about this subject?
Contact Tom Hunt, Director of Treasury Services at AFP.