While check fraud declined a bit last year, there was a marked pick-up in fraud involving credit and debit cards, according to the Association for Financial Professionals' annual survey of payment fraud.
Sixty percent of the almost 450 corporate finance practitioners who responded to the AFP survey said their company experienced fraud or attempted fraud involving payments last year, little changed from 61% in 2012. The portion of companies experiencing attempted or actual payment fraud has fallen in recent years from a peak of 73% in 2009.
Magnus Carlsson, AFP's manager of treasury and payments, suggested the decrease reflects the decline in the use of checks that occurred over the same time frame. “Since fraud is so high on checks, any little movement in check use should have a greater effect when it comes to fraud,” Carlsson said.
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Susan Kelly
Susan Kelly is a business journalist who has written for Treasury & Risk, FierceCFO, Global Finance, Financial Week, Bridge News and The Bond Buyer.
