Covid-19 Impact Payment Fraud Activity

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Contact your SouthState Bank Treasury Management Sales Officer for more information on fraud prevention
87% of companies say fraud increased during pandemic with 21% of fraud experiences specifically linked to COVID-19

Smaller companies were twice as likely to be targets of fraud attacks

In the work from home (WFH) environment, cyber breaches were more common due to the use of personal devices and increased likelihood of clicking on malicious email links/sites.

Smaller firms felt that providing treasury fraud and control services has become more burdensome during the pandemic

66% of respondents said they have a centralized hub to manage fraud reporting

The long-term WFH (work from home) situation threatened BCP (business continuity planning) and cashflows, leading to faster adoption of electronic payments

36% of companies with a payments modernization program have same-day ACH as part of their program

22% of companies plan to spend significantly more on security this year vs a year ago due to the increased payment fraud attacks

Contact your SouthState Bank Treasury Management Sales Officer for more information on fraud prevention

Source: AFP (Association for Financial Professionals) 2021 Payments Fraud and Control Survey

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