Mitigating Resurgent Payment Fraud Risk

After several years of declining attacks, companies have started to see an increase in payment fraud, with fraudsters most commonly targeting checks and ACH debits. According to the 2024 Payments Fraud and Control Survey Report by the Association of Financial Professionals (AFP), the prevalence of attempted and actual payment fraud among organizations jumped to 80% in 2023 from 65% the year before, marking the end of a steady decline from a high of 82% in 2018. Given that 51% of organizations recover less than half of their stolen funds, payment fraud remains a critical risk best addressed in a comprehensive fashion across the organization.