The Association for Financial Professionals’ annual fraud report shows fraud is trending down overall. However, this doesn’t mean you shouldn’t take measures to protect your payment transactions from fraud. This article is about the fraud results provided by the report and where you can obtain reliable payment processing services, including a bitcoin merchant account.
Fight Against Fraud: AFP Report
In 2021, payment fraud was in decline. 71% of organizations reported they experienced payment fraud, and this number was 74% in 2020 and 81% in 2019, as the Association for Financial Professionals’ annual fraud report said.
In 2018 and 2019, payments fraud was on the rise, but in 2020, it saw a dip. Let’s look at some more stats:
- 74% of organizations were targeted by an attempted or actual payments fraud attack in 2020, which is down from 81% in 2019.
- Companies with annual revenue of at least $1 billion and with fewer than 26 payment accounts were victims of payments fraud in 2020.
- 80% of these companies experienced payment fraud.
- Smaller companies with annual revenue of less than $1 billion experienced payments fraud in 2020.
- 65% of respondents think the rise in fraud was partially conditioned by COVID-19.
Payment Processing Fraud: Main Threats
In 2020, 74% of companies were targeted by payment scams. Business leaders are focused on how they can alleviate payments fraud. More companies are implementing controls and taking measures to restrict fraudulent activities.
Larger organizations were fraudsters’ main target, exposing deficiencies related to process controls via social engineering. In 2019, business email compromise (BEC) emerged as the main source of fraud attempts that companies witnessed. In 2020, an external source or individual (e.g., forged check, stolen card) appeared as the second most often mentioned source of payments fraud.
How are you protecting your online transactions from fraud? One thing is certain: you need to use advanced fraud prevention solutions from a reputable merchant services provider to avoid being a victim of fraud. For this, you should turn to a true payment expert in the U.S. that can help you with secure and cheap merchant services, including a bitcoin merchant account.
Fighting Fraud: AFP Report
In 2021, there was a dip in payment processing fraud. However, the fight against fraud continues. Work with a reliable merchant processor to get fast and hassle-free access to the latest fraud prevention techniques.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of bitcoin merchant account providers. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice-cream on his backyard porch, as should all right-thinking people.