ACH Alert, a provider of fraud prevention solutions, announced that the amount of fraudulent transactions hit a new record last year — to the tune of $615 million. ACH Alert also revealed that the amount of transaction volume more than doubled in 2015 — up to $80 billion, which was a significant increase from the $38.2 billion monitored in 2014.
The 2016 AFP Payments Fraud and Control Survey, underwritten by J.P. Morgan, found that 73 percent of all U.S. companies experienced payments fraud last year. That matches the largest percentage since 2009, and was up from 62 percent in 2014.
There has never been more pressure on finance leaders to ensure integrity in internal auditing and controls. Boards of directors want assurance that official financial statements are squeaky clean, with every piece of data in tables and in footnotes double-checked. There’s zero tolerance for such funny business, as a business unit booking revenue in one quarter while pushing related costs to the next.
BC Krishna, CEO of MineralTree, recently published an article in Bank Director titled, “Identify Your Customers Based on Need, Not Revenue,” that explores how banks can better identify and serve mid-market business customers.
The breadth and depth of the payments industry means it continues to be one of the hottest sectors for innovation in the financial tech space right now. While consumer pay-tech has driven innovation in the space, B2B is now catching up. Amid the noise around this industry, here are three things to watch in payments right now.
With tax-related identity theft skyrocketing, and over a third of tax returns being filed in the last few weeks of tax season, a huge number of taxpayers can expect to discover soon that someone has stolen their ID and filed a bogus tax return in their name. The question is, what to do then?
Join this webinar on Thursday, April 28th at 1:00PM EST to experience a live demonstration of a leading payments automation solution and see how accounts payable can become a strategic function at companies of any size.
Everyone said that fraud would move online in the U.S. post-EMV—and we now have proof that it has. A new report by PYMNTS and Forter shows that the rate of online fraud attacks has jumped by 11% since October, and by 215 percent since last year.
While new entrants are changing the face of banking, traditional financial institutions can still dominate by partnering, hiring, crowdsourcing, and piloting new solutions that focus on the customer experience.