Pegasus Bank is committed to fraud mitigation and protection of data across our infrastructure and with regards to our clients. We will continue to invest in technology, educational tools, and risk management expertise in the ongoing fight against payments fraud.
As technology evolves, so does payments fraud. Download the Survey Results below.
The survey shows that 78 percent of companies were targets of payments fraud last year demonstrating the crucial need for cybersecurity protocols and strict control governance. Additionally, the survey reveals that in 2017:
- 77 percent of organizations experienced Business Email Compromise (BEC).
- 54 percent of BEC scams targeted wires, followed by checks at 34 percent.
- 77 percent of organizations implemented controls to prevent BEC scams.
- 74 percent of organizations experienced check fraud, a slight decrease from 2016.
- 28 percent were subject to ACH debit fraud and 13 percent were subject to ACH credit fraud.
- 67 percent of payments fraud was discovered by the organization’s treasury staff.
With these statistics in mind, it is important for all businesses to take preventive measures to protect payments, including educating employees on current payments fraud practices, and implementing the products and processes necessary to protect corporate assets and data from cyber fraud.