The 2024 AFP® Payments Fraud and Control Survey Report documents 80% of organizations were victims of payments fraud attacks/attempts in 2023. This is a 15-percentage point increase over the previous year.  Over 500 treasury practitioners participated in this survey and their responses form the basis of this report. The survey, now in its 20th year, is underwritten by Truist.

Other survey highlights:

• Checks continue to be the payment method most vulnerable to fraud, with 65% of respondents reporting their organizations faced fraud attacks of this type.
• Fraud due to interference with the United States Postal Service (USPS) is up 10 percentage points over the past year, with 20% of respondents reporting this type of fraud.
• For the first time in the history of this survey, ACH credits surpassed wires as the most vulnerable payment type for BEC fraud. Even as most payment methods continue to be vulnerable to BEC, payments made via ACH credits (47%), wire transfers (39%) and ACH debits (20%) were most often targeted.
• Of those organizations that were victims of payments fraud in 2023, 30% were unsuccessful in recovering funds lost. However, 41% of organizations were successful in recovering at least 75% of funds lost.

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Key Data from 2024 AFP Payments Fraud and Control Survey Report 

AFP thanks Truist for its underwriting support of this year’s Payments Fraud and Control Survey.

Press Inquiries:

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If you are interested in referencing data from this report in marketing materials, etc. please contact Mariam Lamech, Director Survey Research at [email protected].

Contact [email protected] or call 301.907.2862 for more in-depth information, to read the full report or to arrange an interview with AFP Research.

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Questions about this subject?
Contact Tom Hunt, Director of Treasury Services at AFP.