The annual 2024 AFP Payments Fraud and Control Survey paints a sobering picture of the intensifying fraud landscape facing banks and credit unions. Some key findings:

• A record 77% of organizations were exposed to payments fraud in 2023, up from 71% the previous year.
• Business Email Compromise (BEC) scams skyrocketed 85% year-over-year as cybercriminals exploited remote work vulnerabilities.
• Credit/debit card fraud incidents spiked 20% amid the continued shift to digital payments.
• Ransomware attacks rose 60%, crippling operations and extorting millions from victims.

The report emphasizes the need for financial institutions to implement robust fraud controls, allocate sufficient resources, and continuously adapt strategies. Effective defenses highlighted include chip-and-PIN card security, positive pay, and payee validation.

NEACH Payments Group (NPG) advisors can help strengthen your fraud prevention program against emerging threats. Contact us for a personalized assessment. 

Access the full 2024 AFP Payments Fraud and Control Survey report.