Payments fraud remains widespread, but has inched down from the peak seen in 2009, according to the close to 450 corporate finance executives who participated in the Association for Financial Professionals' eighth annual survey. And despite the prevalence of payments fraud, its cost to companies isn't that high.
Two-thirds of companies experienced either attempted or actual payments fraud last year, down from 71% in 2010 and 73% in 2009. Bigger companies saw more fraud attempts than smaller companies, with 81% of those with annual revenue of more than $1 billion having been hit, vs. just 55% of companies with revenue of less than $1 billion.
The AFP reports suggests companies' efforts to control fraud may be paying off, citing such methods as positive pay and daily reconciliations of bank accounts.
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Susan Kelly
Susan Kelly is a business journalist who has written for Treasury & Risk, FierceCFO, Global Finance, Financial Week, Bridge News and The Bond Buyer.
