Bigger Businesses, Bigger Losses
Don't Be a Sucker
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
Practices That Caused Losses From Check Fraud
More Businesses Hit
Hear that check printer humming?
Percentage of organizations citing reason
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:
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.
Large* organizations reporting losses over $250,000
Check is intercepted and "washed" of original amount and payee's name. Rewritten check is deposited to thief's account.
*More than 100 payment accounts
Organizations comparing payments fraud activity
Vendor provides fraudulent bank account details, sending payments into a personal account instead of the proper company account.
To learn more about Paymode-X, a cloud-based payment network that helps accelerate your transition from fraud-prone AP checks to secure electronic payments, visit www.paymode-x.com.
Vendor employee provides fraudulent mailing address for checks.
Organizations reporting attempted/actual payments fraud
Top 5 AP Scams
Companies send text file of ACH payment data to a server, where it can be easily intercepted and/or modified.
Tricks of the Trade
Paper Check Printing
Secure Electronic Payments
Check is scanned and digitally deposited, but internal employee diverts funds into a separate account.
Stop Payment Fraud With
of organizations reported BEC scam attacks
2015 to 2016
Relentless Crime Wave
Employees steal blank checks and make payments to their own accounts.
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Percentage of Organizations Reporting Attempted/Actual Fraud
Protect Your Organization
Here's the Newest Scam
Payment networks are the safest approach to electronic payments. A network like Paymode-X
provides the efficiency and cost-saving benefits of electronic payments while also gathering, authenticating, and storing sensitive vendor bank details to ensure payments go to the right place every time. To learn more, read the white paper:
4 Reasons to Consider a Payment Network.
To fraudsters, it's the
sweet sound of opportunity.
ABOUT THE SAME
Internal employee changes vendor banking information, sending payments directly to his or her account.
Common Check-Based Fraud Schemes