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Card Fraud Picked Up Last Year

Checks are still the payments form subject to the most fraud, but cards are catching up, AFP survey shows.

By Susan Kelly | Updated on April 09, 2014
While check fraud declined a bit last year, there was a marked pick-up in fraud involving credit and debit cards, according to the Association for Financial Professionals’ annual survey of payment fraud.

Sixty percent of the almost 450 corporate finance practitioners who responded to the AFP survey said their company experienced fraud or attempted fraud involving payments last year, little changed from 61% in 2012. The portion of companies experiencing attempted or actual payment fraud has fallen in recent years from a peak of 73% in 2009.

Magnus Carlsson, AFP’s manager of treasury and payments, suggested the decrease reflects the decline in the use of checks that occurred over the same time frame. “Since fraud is so high on checks, any little movement in check use should have a greater effect when it comes to fraud,” Carlsson said.

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