To fraudsters, it's the
sweet sound of opportunity.
Relentless Crime Wave
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Crooks Like ACH Payments, Too
Many organizations have converted to ACH payments to minimize risk. But crooks know how to game the ACH system, too. Some ACH fraud schemes to watch out for:
Don't Be a Sucker
Large* organizations reporting losses over $250,000
Organizations comparing payments fraud activity
Organizations reporting attempted/actual payments fraud
Percentage of organizations citing reason
Practices That Caused Losses From Check Fraud
of organizations reported BEC scam attacks
Bigger Businesses, Bigger Losses
More Businesses Hit
Here's the Newest Scam
Tricks of the Trade
Paper Check Printing
All statistics refer to 2016, unless noted otherwise, and come from the Association for Financial Professionals’ 2017 AFP Payments Fraud and Control Survey, April 2017. (1) refers to 2015 and is from 2016 AFP Payments Fraud and Control Survey, March 2016
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4 Reasons to Consider a Payment Network.
Companies send text file of ACH payment data to a server, where it can be easily intercepted and/or modified.
Internal employee changes vendor banking information, sending payments directly to his or her account.
Vendor provides fraudulent bank account details, sending payments into a personal account instead of the proper company account.
Business email compromise (BEC) scams target corporate email systems. Once scammers gain access to a system, they can create internal emails, such as an email from an executive demanding that a (fake) invoice be paid, tricking employees into making payments to fraudulent accounts.
Check is scanned and digitally deposited, but internal employee diverts funds into a separate account.
Check is intercepted and "washed" of original amount and payee's name. Rewritten check is deposited to thief's account.
Employees steal blank checks and make payments to their own accounts.
Vendor employee provides fraudulent mailing address for checks.
Common Check-Based Fraud Schemes
Top 5 AP Scams
ABOUT THE SAME
*More than 100 payment accounts
2015 to 2016
Percentage of Organizations Reporting Attempted/Actual Fraud
Hear that check printer humming?