"Payment Fraud is Hitting Organizations Harder Than Ever Before"

According to security researchers at Trustpair, 96% of US companies were targeted with at least one fraud attempt in the past year.  In the past year, many US companies (83%) saw an increase in cyber fraud attempts on their organization.  The researchers noted that Fraudsters primarily used text messages (50%), fake websites (48%), social media (37%), hacking (31%), BEC scams (31%) and deepfakes (11%) to dupe organizations.  CEO and CFO impersonations (44%) were the third most common type of fraud.  Less than half (36%) of companies said the average financial loss of successful fraud attacks they experienced was more than $1 million, and 25% said the loss was more than $5 million.  The researchers noted that many (75%) of C-level finance and treasury leaders say they’d stop doing business with an organization that fell victim to payment fraud and lost their payment.  Only 5% of companies say they can’t keep up with the growing sophistication of fraudsters and fraud attacks, yet 90% of the companies that experienced payment fraud attempts were hit with at least one successful attack.

Help Net Security reports: "Payment Fraud is Hitting Organizations Harder Than Ever Before"