Security News > 2024 > February > Payment fraud is hitting organizations harder than ever before

"As the risk of vendor payment fraud grows, so does the need to automate bank account validations and embed them into your daily processes. It's essential for winning the fight against fraud and ensuring payments are sent to the correct parties."

75% of C-level finance and treasury leaders say they'd stop doing business with an organization that fell victim to payment fraud and lost their payment.

90% of the companies that experienced payment fraud attempts were hit with at least one successful attack.

86% of all companies were hit with successful payment fraud.

67% of companies expect payment fraud to rise further in 2024 - and most aren't prepared.

"Over half of companies have actively increased their fraud prevention technology budgets in the past 6-12 months, which shows a collective urgency to invest in fraud prevention. The worst thing a company can do is sit back and do nothing. Get your data under control, digitize your processes, and enable your team to confidently fight back," added Collot.

News URL

https://www.helpnetsecurity.com/2024/02/01/payment-fraud-attempts-increase/