This survey, performed by the Association for Financial Professionals and underwritten by J.P. Morgan in May 2019, uncovers trends in fraud and methods used by companies to neutralize security threats in an automated workspace. It also breaks down the controls in place to protect various payment methods.
The overall trends indicate that check fraud percentages have reduced in the last ten years, but remain high in comparison to electronic payment methods. Electronic payment methods like wire and ACH—the banking information of which can be intercepted and changed by bad actors—are seeing a slight increase in fraud instances over time. Meanwhile, credit and debit card fraud has been on the decline since 2015.
While some fraud will always be a factor in business, the phasing out of check payments has proven to be an excellent first step in reducing extreme cases. Credit card remains the most secure payment methods for those seeking to automate their back-office procedures.