Underwritten by:

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 15^th 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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AFP thanks J.P. Morgan for its underwriting support of this year’s Payments Fraud and Control Survey.

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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].

Contact [email protected] or call 301.907.2862 for more in-depth information, to read the full report or to arrange an interview with AFP Research.
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Questions about this subject?
Contact Tom Hunt, Director of Treasury Services at AFP.