Fraud scams and cybercrime attacks are increasing beyond anything we would have believed five years ago. The 2016 AFP Payments Fraud Survey reports that 73% of businesses were targets for payments fraud in 2016; up from 62% a year earlier. Over 40% reported an increase in incidents of fraud attempts and 28% of targeted firms reported a financial loss due to payments fraud last year. In fact, almost two out of every three businesses reported their organizations have been exposed to business email scams last year (like Masquerade).
In today’s digital world, it's not, “Will we face a cyberattack?” but, “When will we get hit?” You must build a defense that provides effective fraud prevention. Still not convinced ? Take a look at these sobering statistics and you'll see that any business can be a target for cybercrime:
Most cyber-security threats can be defeated when you incorporate a proactive focus on fraud prevention. Here are some ways we can help you take a strong approach to fraud prevention and cybersecurity:
Deploying multiple security layers will limit fraud and theft. Your business must increase its vigilance by establishing standards and monitoring anomalies to defeat cybercrime.
Contact Treasury Services for more information on our Fraud Prevention services.
Sources:
1 2015 Internet Security Threat Report – Symantec
2 2016 & 2015 AFP Payments Fraud and Control Survey
3 2016 Global Economic Crime Study – PwC