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Payments Fraud Inching Up, Study Finds

“Payments fraud is a persistent problem that is only getting worse despite repeated warnings and educational outreach."

Payment fraud spreading out Payment fraud is spreading. (Source: Shutterstock)

Payments fraud affected more than eight out of 10 financial institutions, businesses and other types of organizations in 2018, and large organizations were particularly susceptible, according to new data from the Association for Financial Professionals.

The professional society’s survey of more than 600 treasury and finance professionals found that payments fraud hit 82% of organizations last year, including 87% of organizations with revenue of at least $1 billion. For organizations with less than $1 billion in revenue, the percentage experiencing payments fraud in 2018 fell to 69% from 73% in 2017.

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Tina Orem

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