The Cost of Fraud: B2B Payments Experience 10% Increase During the Pandemic
Mercator Advisory Group released a report covering fraud in commercial payments titled The Cost of Fraud: B2B Payments Experience 10% Increase During the Pandemic. The research explores the impact of fraud with particular emphasis on the B2B payments space. Through an analysis of internal and external fraud, one can gain a deeper understanding of the most common types of schemes, what payment types are subject to the most payments fraud, and how the industry is fighting back. The report also explores the rise in business email compromise (BEC) fraud and new ways that fraudsters are targeting organizations.
Fraud is an unfortunate reality that businesses cannot ignore. In this report, we cover the trends in B2B payments fraud affecting large to mid-size organizations and the strategies they are using
to fight back. Although fraud is inevitable, organizations that stay current with fraud prevention strategies can mitigate damages and reduce losses.
“As fraudsters continue to adapt to ever-changing payment trends, organizations must be ready to defend their bottom lines,” comments Ben Danner, Analyst, at Mercator Advisory Group, and the author of the research report. “Organizations can perform several technological and non-technological interventions to combat this rising problem.”
This document contains 19 pages and 8 exhibits.
Companies mentioned in this research note include: ACI Worldwide; Association for Certified Fraud Examiners, Association for Finance Professionals, BAE Systems, Bottomline Technologies, Choose Your Own Adventure, Cybersource, DataVisor, Featurespace, Federal Bureau of Investigation, FICO, FIS, Infosec, LexisNexis Risk Solutions, NICE Actimize, NACHA, National Cybersecurity Center, Pelican, Ravelin, SAS, SEON, Sift, Simility.
One of the exhibits included in this document:
Highlights of this document include:
- Internal and external fraud trends
- Most common types of fraud schemes
- Effects on B2B payment types
- BEC fraud trends and new forms of identity attacks
- An overview of technological and non-technological fraud mitigation strategies
- Fraud vendor overview
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