Under attack: How AP leaders can stop phony bank account change requests
View original at finance.yahoo.comUnder attack: How AP leaders can stop phony bank account change requests Accounts payable (AP) departments are under siege The frequency, sophistication, and financial impact of payment fraud are accelerating at an unprecedented pace…
What we drew from this source
The claims Via News extracted from this document. We point to the source; we don't replace it.
More than $14 billion in cumulative losses attributed to BEC scams in the past five years
80% confidenceMedian losses from billing fraud are $140,000 per incident
80% confidenceMore than one-third of payment fraud attacks involved phony bank account change requests
80% confidence71% of organisations were targeted by payment fraud last year
80% confidenceFewer than one in three finance employees receive regular anti-fraud education
80% confidence58% of AP professionals admit to skipping verification steps at least occasionally due to time constraints
80% confidenceOver 85% of successful payment fraud cases begin with social engineering, not hacking
80% confidenceOnly about 40% of global banking systems provide real-time verification
80% confidenceAverage loss per payment fraud incident is $125,000 with recovery rates below 20%
80% confidenceAutomated verification reduces fraud attempts by more than 60%
80% confidence43% increase in phony bank account change attacks over just two years
80% confidenceMedian payment-fraud losses are $150,000 per incident
80% confidenceBusiness email compromise losses totaled more than $3 billion in 2024, a nearly 20% increase from the prior year
80% confidence