NEW YORK--(BUSINESS WIRE)--Trustpair announces a new survey release commissioned in partnership with GIACT, a LSEG company, to Treasury & Risk, ALM, an information and intelligence company. The survey reveals that 56% of US companies were targeted by B2B payment fraud in 2022.
Click here to download the report
Survey highlights include :
- Payment fraud is a reality for more than 6 companies out of 10. The risk of payment fraud is very real: In 2022 it affected almost 6 out 10 companies in the US. Furthermore, a majority of the companies that fell victim to fraud attempts were targeted more than once. 5% of all US companies were targeted more than 15 times.
- The most common type of fraud is paper check fraud. Paper checks are still used by 40% of companies in the US, which can explain why it’s still a very common type of fraud - the most common in fact. Old habits die hard and US companies aren’t all ready to switch to digital payment. Yet, paper checks are very time-consuming and inefficient, on top of presenting security loopholes.
- Fraud is most often perpetrated with credentials and information changes on legitimate payments. 55% of companies targeted by fraud attempts indicated changes in supplier credentials on legitimate payment as the way the fraud was perpetrated. 33% indicated business email compromise and phishing.
- Over half of companies think payment fraud attempts will increase over the next 12 months. Only 11% of US companies think they will face fewer fraud attempts in 2023. Nearly twice as many - 20% of companies - think they will even increase substantially over the next 12 months.
This survey underlined the fact that 70% of companies use human callback as a validation procedure to verify changes to supplier credentials. But manual account validation is far from efficient. At GIACT and Trustpair, we observe that frauds are becoming more and more sophisticated and are often associated with cyber-attacks and social engineering. Technology is key to building secure processes and systematic account validation to prevent fraud.
“We can definitely say that the pace of payment fraud isn’t slowing down. A decade ago, fraud was manual. Nowadays, it's sophisticated and complex. It should be a big concern for any company: They have to completely change the way they secure their P2P process, making it less manual and more efficient.” Baptiste Collot, CEO & Co-founder, Trustpair.
Trustpair and GIACT announce partnership to fight B2B payment fraud worldwide
Trustpair and GIACT also recently announced a strategic partnership to offer a more comprehensive approach to preventing B2B payment fraud and transforming global account validation for Finance teams.
Through this partnership, Finance professionals in the US will be able to access GIACT’s data source directly within the Trustpair platform. This US addition to Trustpair’s unrivaled third-party data source is great news : Trustpair’s offering will provide international coverage for real-time and secure account verification that can be accessed worldwide.
About Trustpair
Trustpair is a leading fraud prevention platform for large companies worldwide. The platform helps 200+ clients smoothen their processes and reduce fraud, for more peace of mind. It fights B2B payment fraud by automating account ownership checks worldwide, throughout your whole P2P process. The solution offers direct integration to your existing technical ecosystem (SAP connector, API, etc.) as well as intuitive dashboards and real-time warnings in case of fraud attempts. To learn more, visit www.trustpair.com
About GIACT
GIACT®, a London Stock Exchange Group (LSEG) company, is a leader in helping companies positively identify and authenticate customers. Since 2004, GIACT has been empowering businesses across all industries with data-driven insights to prevent identity and payments fraud and improve compliance procedures, all through a single platform – the EPIC® Platform. For more information, visit www.giact.com
