Today In Data: B2B Payments Fraud

Fraud can happen on a multitude of levels in nearly any part of the economy.

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    In the Association for Financial Professionals‘ 2017 Payments Fraud Survey, the organization saw a significant rise in the amount of B2B payment fraud occurrences.

    Here are the numbers:

    75 percent | Percentage of companies experiencing wire fraud in 2016

    74 percent | Percentage of companies that were tricked by 2016 business email compromise (BEC) scams

    51 percent | Decline in the use of physical checks in B2B transactions

    10 | Number of hands out of 130 business professionals who were aware of what a BEC scam was

    71 percent | Amount of companies planning to put stricter security controls in place