Survey Research & Economic Data
2022 AFP Payments Fraud and Control Survey
The 2022 AFP® Payments Fraud and Control Survey reports 71 percent of organizations were victims of payments fraud attacks/attempts in 2021. This is the lowest level of fraud reported since 2014. Of those respondents whose organizations reported an increase in fraud, 47 percent do not believe that remote work is to blame for the increase. More than 550 treasury and finance professionals participated in this survey and their responses form the basis of this report. The survey now in its 14th year, was underwritten by JP Morgan.
Other survey highlights:
- In 2021, checks and ACH debits were the payment methods most impacted by fraud activity (66 percent and 37 percent, respectively).
- Sixty-eight percent of organizations were targeted by Business Email Compromise (BEC) in 2021, which is a sharp decrease from last year’s figure of 76 percent and the second lowest figure since AFP began tracking this data.
- Accounts Payable (AP) departments are most susceptible to BEC fraud, 58 percent of respondents report that their AP department was targeted by email scams.
- The majority of organizations (two-thirds) is validating payment beneficiary information either through their vendor/bank or by using an external service.
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AFP thanks J.P. Morgan for its underwriting support of this year’s Payments Fraud and Control Survey.
AFP Payments Fraud Dashboard:
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.