Don’t miss another episode of Truth In Data! Click on the red bell in the lower-left of your screen to receive notifications as soon as the episode publishes.
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
Payment Methods Impacted by Business Email Compromise:
- 43% of surveyed businesses had wire transfers impacted by BEC fraud in 2020.
- 34% of surveyed businesses had ACH credits impacted by BEC fraud in 2020.
- 16% of surveyed businesses had ACH debits impacted by BEC fraud in 2020.
- 14% of surveyed businesses had checks impacted by BEC fraud in 2020.
- 9% of surveyed businesses had corporate credit cards, such as for purchases or fleet, impacted by BEC fraud in 2020.
- 2% of surveyed businesses had gift cards impacted by BEC fraud in 2020.
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.”