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Data for today’s episode is provided by Mercator Advisory Group’s Report: The Cost of Fraud: B2B Payments Experience 10% Increase During the Pandemic
Occupational Fraud Schemes in Banking and Financial Services:
- 40% of surveyed banking or financial services organizations experienced fraud due to corruption.
- 18% of surveyed banking or financial services organizations experienced cash on hand fraud schemes.
- 10% of surveyed banking or financial services organizations experienced financial statement fraud.
- 10% of surveyed banking or financial services organizations experienced noncash fraud.
- 10% of surveyed banking or financial services organizations experienced cash larceny.
- 10% of surveyed banking or financial services organizations experienced fraud due to skimming.
About Report
Mercator Advisory Group released a report covering fraud in commercial payments titled The Cost of Fraud: B2B Payments Experience 10% Increase During the Pandemic. 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 Ben Danner, Analyst, at Mercator Advisory Group, and the author of the research report. “Organizations can perform several technological and non-technological interventions to combat this rising problem.”
