Priority Now: Payments Fraud Prevention

Fraud may flourish in times of uncertainty, as fraudsters look to capitalize on distraction and confusion.

As more and more of us work from home, your processes may have changed, exposing potential vulnerabilities as you operate in new, unfamiliar ways. When coupled with the rapid ascension of digital information usage across the business world, fraud prevention is as serious an industry issue as ever.

To better prepare yourself, know these payment fraud trends and how to minimize your risks:

Root Cause

  • Criminals want your data – and malicious attempts to steal it are coming from multiple angles, including cyber-attacks, social engineering, and  even through compromises of your internal employees.
  • One recent global survey of corporate financial professionals found that 79% of respondents had experienced an attempted business email compromise (BEC) fraud in the previous year, with 8% resulting in a financial loss and 2% of cases also involving subsequent termination of employment.1
  • In preparation for a spectrum of fraud scenarios, your company should engage in planning, anticipate how to deploy solutions, and conduct ongoing procedural reviews to address root causes.

Follow-on Results

  • Vigilance is a must! 81% of respondents to a recent fraud survey by Association for Financial Professionals indicated that they experienced a payments fraud attempt in 2019.
  • Various payment types encounter different levels of risk. While checks and wire transfers remain as the highest incidence risk, ACH fraud is on the rise. In contrast, commercial card fraud incidence has declined by 13% since 2015, most likely a reflection of the inherently safer virtual card technology in use today.

Minimizing Risk

Why the increase in overall fraud? Because fraudsters are constantly evolving, improving their digital sophistication and adjusting tactics. Fortunately, BBVA can provide you with a strong arsenal of payments fraud prevention solutions – for both ACH and checks through positive pay, as well as virtual cards and latest generation algorithms to detect and prevent high risk incidences.

Get Your Free Whitepaper,
“Helpful Hints for Preventing Payments Fraud”

To assist your efforts, download our exclusive BBVA whitepaper, “Helpful Hints for Preventing Payments Fraud.” You’ll find detailed fraud prevention techniques and best practices for both individuals and organizations.



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1. Bottomline Technologies, https://www.bottomline.com/us/resources/resource-center/research-reports/2019-treasury-fraud-controls-survey-report