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Wire Transfer Fraud Picks Up

Checks and cards are more frequently targeted by criminals, but wire transfers are catching up, an AFP survey shows.

By Susan Kelly | Updated on May 13, 2015
While data breaches involving card data are making the headlines, a recent survey conducted by the Association for Financial Professionals (AFP) shows a marked uptick last year in frauds involving wire transfers.

Overall, the survey results suggest the payment fraud landscape is little changed from last year. Sixty-two percent of the more than 700 finance professionals surveyed by AFP in January said their companies experienced payment fraud in 2014, up only slightly from 60% in 2013.

Check fraud remains the biggest problem, cited by 77% of the organizations that experienced payment fraud last year, down from 82% in 2013. Thirty-four percent of the respondents said that their company experienced credit or debit card fraud, little changed from 33% in 2013.

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