Payments Fraud Knows No Bounds
Bank Technology News | April 2009
by John AdamsIt doesn’t matter whether the news is good or bad—fraudsters see the glass as completely full.
Accordingto the 2009 Association of Financial Professionals Payments and FraudControl Survey, the growth of electronic payments and the deterioratingfinancial conditions caused by the recession have both expandedopportunities for fraud.
The J.P. Morgan-sponsored survey of 629corporate treasury and finance professionals including assistanttreasurers, controllers, cash managers, analysts, and directors foundthat more than 70 percent of organizations experienced attempted oractual payments fraud in 2008.
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