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United States: The Cost of Fraud: B2B Payments Experience 10% Increase During the Pandemic

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    Report

  • 14 Pages
  • March 2022
  • Region: United States
  • Mercator Advisory Group
  • ID: 5567359

As Fraudsters Continue to Adapt to Ever-Changing Payment Trends, Organizations Must Be Ready to Defend Their Bottom Lines

This research explores increasingly sophisticated trends in commercial payments fraud and provides fraud prevention strategies. This document contains 19 pages and 8 exhibits.

The research explores the impact of fraud with particular emphasis on the B2B payments space. Through an analysis of internal and external fraud, one can gain a deeper understanding of the most common types of fraud schemes, what payment types are subject to the most payments fraud, and how the industry is fighting back. The report also explores the rise in business email compromise (BEC) fraud and new ways that fraudsters are targeting organizations.

“As fraudsters continue to adapt to ever-changing payment trends, organizations must be ready to defend their bottom lines,” comments the analyst and author of the report. “Organizations can perform several technological and non-technological interventions to combat this rising problem.”



Highlights of the research note include:

  • Internal and external fraud trends
  • Most common types of fraud schemes
  • Fraud effects on B2B payment types
  • BEC fraud trends and new forms of identity attacks
  • An overview of technological and non-technological fraud mitigation strategies
  • Fraud vendor overview

Companies mentioned in this report include:

  • ACI Worldwide
  • Association for Certified Fraud Examiners
  • Association for Finance Professionals
  • BAE Systems
  • Bottomline Technologies
  • Choose Your Own Adventure
  • Cybersource
  • DataVisor
  • Featurespace
  • Federal Bureau of Investigation
  • FICO
  • FIS
  • Infosec
  • LexisNexis Risk Solutions
  • NACHA
  • National Cybersecurity Center
  • NICE Actimize
  • Pelican
  • Ravelin
  • SAS
  • SEON
  • Sift
  • Simility

Table of Contents

  1. Executive Summary
  2. Introduction
  3. Internal Fraud
  4. External Fraud
  5. The Fight Against Fraud
  6. Does Same Day ACH Mean Faster Fraud?
  7. Recommendations

List of Figures & Tables
Figure 1: The organizational costs associated with fraud continue to increase
Figure 2: Checks are the number one vehicle for commercial payments fraud, but incidents have declined by 8% since 2019
Figure 3: Corruption is the most common occupational fraud scheme
Figure 4: BEC fraud continues to be the most common type of external fraud
Figure 5: Wire Transfers are the most common payment type impacted by BEC fraud
Figure 6: Vendor impersonation is the most common type of fraud experienced with faster payments
Table 1: BEC Fraud Process
Table 2: Enterprise Fraud Solution Vendors

Samples

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Companies Mentioned

  • ACI Worldwide
  • Association for Certified Fraud Examiners
  • Association for Finance Professionals
  • BAE Systems
  • Bottomline Technologies
  • Choose Your Own Adventure
  • Cybersource
  • DataVisor
  • Featurespace
  • Federal Bureau of Investigation
  • FICO
  • FIS
  • Infosec
  • LexisNexis Risk Solutions
  • NACHA
  • National Cybersecurity Center
  • NICE Actimize
  • Pelican
  • Ravelin
  • SAS
  • SEON
  • Sift
  • Simility