Payment fraud is a thorny problem with no clear solution. Even as companies ratchet up their defenses—refining processes, deploying technologies, and educating staff—attackers are continuously escalating their efforts to steal corporate funds. They are creative, and they are relentless.

In the "2023 Treasury & Risk Payment Fraud Survey," more than half of respondents expected their company to experience more payment fraud in the year ahead, while only 11 percent predicted a drop in the frequency of incidents. To determine whether those respondents were right, and to get a better view of the current payment fraud landscape, Treasury & Risk again surveyed our readers this summer, with the support of sponsors LSEG Risk Intelligence and Early Warning Services. The results reiterate what a significant challenge payment fraud is and how difficult it is to overcome.

They also indicate that our audience has an excellent handle on the scope of the issue, if not ]necessarily on how to fully eliminate fraud in their organization. Fifty-six percent of last year's respondents predicted that fraud attempts against their company would increase from mid-2023 to mid-2024, and 57 percent of this year's respondents said the frequency of payment fraud attempts did, indeed, rise for their company during that time.