Payment Fraud By the Numbers

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Watch our video on payment fraud by the numbers to learn recent statistics.

Contact your SouthState banker to learn more about fraud prevention tips.
  • 74% of companies were targets of payments fraud in 2020
2020 Payments Fraud Activity

66% Checks
39% Wire Transfers
34% ACH Debits
24% Credit Cards
19% ACH Credits
 
  • 71% of credit card fraud occurred with online transactions
  • 76% of respondents in 2020 felt that fraud increased in the past year
  • Companies lost an average of $111,605 in 2020 due to ransomware
  • 62% of companies experienced Business Email Compromise (BEC) scams in 2020
  • 61% of BEC attacks focused on organizations’ Accounts Payables Department
  • 52% of fraud attacks came from outside individuals
  • Cyberattacks cost businesses about $1 million per attack to clean up damages
  • 70% of companies are adopting stronger internal controls to guard against fraud
  • 85% of companies use Positive Pay to protect against payment fraud

Contact your SouthState banker to learn more about fraud prevention tips.

Source: AFP (Association for Financial Professionals) 2021 Payments Fraud and Control Survey

  • This content is general in nature and provided for informational use only. Content may be used in connection with the advertising and marketing of products and services offered by SouthState Bank, N.A. and its subsidiaries and affiliates. This is not to be considered legal, tax, accounting, financial or investment advice. You should seek individualized advice from personal financial, legal, tax and/or other professionals, as appropriate depending on the specific facts of your situation. We do not make any warranties as to the completeness or accuracy of this information and have no liability for your use of this information.

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