Payments Fraud Still Widespread

Two-thirds of companies targeted in 2011, says AFP; checks top avenue.

Payments fraud remains widespread, but has inched down from the peak seen in 2009, according to the close to 450 corporate finance executives who participated in the Association for Financial Professionals’ eighth annual survey. And despite the prevalence of payments fraud, its cost to companies isn’t that high.

Two-thirds of companies experienced either attempted or actual payments fraud last year, down from 71% in 2010 and 73% in 2009. Bigger companies saw more fraud attempts than smaller companies, with 81% of those with annual revenue of more than $1 billion having been hit, vs. just 55% of companies with revenue of less than $1 billion.

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