Watch our video on payment fraud by the numbers to learn recent statistics.
Contact your SouthState banker to learn more about fraud prevention tips.
View Transcript
- 74% of companies were targets of payments fraud in 2020
66% Checks
39% Wire Transfers
34% ACH Debits
24% Credit Cards
19% ACH Credits
- 71% of credit card fraud occurred with online transactions
- 76% of respondents in 2020 felt that fraud increased in the past year
- Companies lost an average of $111,605 in 2020 due to ransomware
- 62% of companies experienced Business Email Compromise (BEC) scams in 2020
- 61% of BEC attacks focused on organizations’ Accounts Payables Department
- 52% of fraud attacks came from outside individuals
- Cyberattacks cost businesses about $1 million per attack to clean up damages
- 70% of companies are adopting stronger internal controls to guard against fraud
- 85% of companies use Positive Pay to protect against payment fraud
Contact your SouthState banker to learn more about fraud prevention tips.
Source: AFP (Association for Financial Professionals) 2021 Payments Fraud and Control Survey