2021 AFP Payments Fraud And Control Survey Report Key .
2021 AFP PAYMENTS FRAUD AND CONTROLSURVEY REPORTKey HighlightsUnderwritten by:
We are proud to sponsor the AFP Payments Fraud and Control Survey for the 13th consecutive yearand share the 2021 report.Results from this survey reflect data for 2020, a year marked by the COVID-19 pandemic and itsensuing global disruption. Many businesses like yours had to adapt quickly and transition employeesto remote environments almost overnight. There was a high degree of uncertainty over whether thesechanges—while necessary to limit the spread of the virus—would leave organizations more vulnerableto payments fraud.One silver lining is that AFP-reported incidents of attempted or actual payments fraud decreasedoverall last year. However, fraudsters are becoming savvier and more relentless with certain schemes.Business Email Compromise (BEC), for example, increased in 2020, with more than three fourths ofcompanies saying they were targeted. We should not let up on addressing these key areas of fraudthrough employee education and product innovation.J.P. Morgan continues to invest heavily in fraud prevention technology, solutions and expertise to helpprotect our clients. We hope this report informs you of the progress organizations have made in thefight against fraud—as well as the challenges that remain. Let’s continue to face them together.With best regards,Sue DeanManaging DirectorJ.P. MorganBob St JeanManaging DirectorJ.P. MorganJessica LupoviciManaging DirectorJ.P. MorganWinston FantManaging DirectorJ.P. MorganHubert JP JollyManaging DirectorJ.P. MorganAlec GrantManaging DirectorJ.P. MorganJ.P. Morgan is a marketing name for certain businesses segments of JPMorgan Chase & Co. and its subsidiaries worldwide. The material contained herein or in any related presentation or oral briefing donot constitute in any way J.P. Morgan research or a J.P. Morgan report, and should not be treated as such (and may differ from that contained in J.P. Morgan research) and are not intended as an offeror solicitation for the purchase or sale of any financial product or a commitment by J.P. Morgan as to the availability to any person of any such product at any time. All J.P. Morgan products, services, orarrangements are subject to applicable laws and regulations, its policies and procedures and its service terms, and not all such products and services are available in all geographic areas.2021 AFP Payments Fraud and Control Report: Highlights www.AFPonline.org2
2021 AFP PAYMENTS FRAUD AND CONTROLSURVEY REPORTKey HighlightsApril 2020This summary report includes highlights from the comprehensive 2021 AFP Payments Fraud and Control Survey Report. The complete report comprisingall findings and detailed analysis is exclusively available to AFP members.Learn more about AFP membership.Underwritten by2021 AFP Payments Fraud and Control Report: Highlights www.AFPonline.org3
Topics Covered inthe Comprehensive2021 AFP PaymentsFraud and ControlSurvey ReportOverview of Payments Fraud Trends—Payment Methods impacted by fraud—Losses Incurred from payments fraud—Sources of payments fraud—Detecting fraud activityTrends in Business Email Compromise (BEC)—Targets for BEC Scams—Financial Impact of BEC—Departments Most Vulnerable to BECPayment Fraud Controls—BEC Controls—Security Credential Controls—Check Fraud Controls—ACH Fraud Controls—Validating Fraud Controls—Fraud Policy2021 AFP Payments Fraud and Control Report: Highlights www.AFPonline.org4
INTRODUCTIONAfter reaching record high levels in 2018 and 2019,payments fraud activity declined slightly in 2020.Seventy-four percent of organizations were targetsof an attempted or actual payments fraud attacklast year, down from 81 percent in 2019. Only timewill tell whether this decline is just temporary or thebeginning of a sustained decrease in the percentageof companies falling victim to such attacks.Alleviating payments fraud is top-of-mind forbusiness leaders, and organizations are activelyimplementing controls and measures to restrict theoccurrence of such activity. It is possible that theconcerted focus by treasury and finance professionalson preventing their organizations from fallingvictim to perpetrators of the attacks is paying off.Additionally, while advances in and widespread use oftechnology have increased payments efficiency, theyhave also provided criminals with more sophisticatedtools to facilitate payments fraud success.The global COVID-19 pandemic altered the wayorganizations and their staff operated for a significantpart of 2020. To stem the spread of the virus,organizations required employees to work remotely.Many organizations continue to have their staff work“from home.” Pre-pandemic, working away fromthe office was not a normal practice for treasurydepartments, primarily due to security issues. Foremployees to socially distance, however, organizationshad no choice but to allow their staff to work remotely.Even though there was a decline in overall paymentsfraud activity in 2020, practitioners do attribute someof the increase in fraud to the pandemic.Business email compromise (BEC) continued to bethe primary source of payments fraud activity atorganizations. In these type of attacks, scam artistsuse emails to dupe accounting departments intotransferring funds to illegitimate accounts. Fraudstersspoof URLs and send emails pretending to be vendorsor company senior management requesting eithera change in bank account information or a transferof funds to a fraudulent account. With employeesworking from their homes, the ability to verify anemail with a colleague was more challenging. Thismay be one reason behind the increase in paymentsfraud via BEC during 2020. The shift from a paperbased/in-person process to electronic methods forcheck printing and approvals could also explain someof the uptick observed in fraud during the last year.Increased fraud during the pandemic could also bedue to Paycheck Protection Program (PPP) loans andother stimulus organizations received.Treasury and finance professionals must beequipped with the appropriate tools, information andresources in order to outsmart fraudsters. With emailincreasingly becoming an avenue used by criminalsto deceive the organizations they are targeting,extensive training and education need to be offeredto company staff. This is not an issue solely forpayments departments—every employee should betrained in how to identify a hoax email or request.Additionally, organizations need to have systems andprocesses in place that will allow for little or no fraudactivity to occur such as implementing callbacks to2021 AFP Payments Fraud and Control Report: Highlights www.AFPonline.orgvalidate payment related requests. While financial lossdue to payments fraud may not be large, the risk ofreputational damage could be far more significant.The Association for Financial Professionals (AFP) hasconducted its Annual Payments Fraud Survey everyyear since 2005. The surveys examine the nature offraud attacks on business-to-business transactions,payment methods impacted and the strategiesorganizations are adopting to protect themselvesagainst fraudsters. Continuing this research, AFPconducted the 17th Annual Payments Fraud andControl Survey in January 2021. The survey generated520 responses from corporate practitioners fromorganizations of varying sizes representing a broadrange of industries. Results from this survey presentedin this report reflect data for 2020.AFP thanks J.P. Morgan for its long-time andcontinued underwriting support of AFP’s PaymentsFraud Survey series. Both questionnaire designand the final report, along with its content andconclusions, are the sole responsibilities of the AFPResearch Department. Information on the surveymethodology and respondents’ demographics can befound at the end of this report.5
!Nearly 75 percent of Organizations Were Targetsof a Payments Fraud Attack in 2020Percent of Organizations that Experienced Attempted and/orActual Payments Fraud, 2010-2020There had been a gradual increase in payments fraud activity at organizations from2013 through 2018. While the increase was incremental but steady, we observed asignificant uptick of 11 percentage points between 2014 and 2015. In the previous twoyears, record levels of payments fraud activity were reported, with over 80 percent oforganizations having been victims of payments fraud attacks in 2018 and 2019.In 2020, 74 percent of organizations were targets of payment scams. While that isa smaller share than the percentages reported in 2018 and 2019, it still signals that asignificant share of companies continues to be impacted.Last year was a year like no other. The COVID-19 pandemic spread across theglobe requiring severe social distancing measures to be implemented. Manycompanies mandated that their employees work remotely. Tasks which werenormally carried out only in offices in a secure setting with stringent processeswere now being performed in employees’ home offices. We can argue that this“working from home” environment should have resulted in even higher instancesof payments fraud activity than in in the previous two years. But companies—realizing they were more vulnerable—likely heightened security controls andencouraged their staff to be even more vigilant about payment processes toavoid fraud occurrences. Additionally, in their attempts to bolster their liquidityresources and preserve their cash, organizations cut back on spending andreduced their workforce and/or furloughed staff. These actions more than likelytranslated into a reduction in payment transactions, fewer business-to-business(B2B) payments and fewer checks being written.A greater share of survey respondents from larger organizations and those withfewer payment accounts—i.e., those with annual revenue of at least 1 billion andwith less than 26 payment accounts—report they experienced payments fraud in2020 compared with the share of respondents from other organizations. Eightypercent of these organizations were victims of payments fraud. Fewer smallerorganizations—those with annual revenue less than 1 billion—were targets ofpayments fraud in 2020 than were larger organizations (with revenue of at least 1 billion): 67 percent compared to 78 percent. Fraudsters were more inclined totarget larger organizations, exposing deficiencies around process controls usingsocial engineering.2021 AFP Payments Fraud and Control Report: Highlights www.AFPonline.orgPercent of Organizations that Experienced Attempted and/orActual Payments Fraud in 202074%67%78%AllAnnual RevenueLess Than 1 BillionAnnual RevenueAt Least 1 Billion80%77%Annual Revenue At Least 1 Billion and Fewer Than26 Payment AccountsAnnual Revenue At Least 1 Billion and More Than100 Payment Accounts6
!Increase in Instances of Fraudat 30 Percent of CompaniesSixty percent of financial professionals reportno change in the incidence of payments fraud in2020 compared to 2019, while 30 percent indicatethere had been an increase and 10 percent reporta decline. It is encouraging to see a decrease in theshare of financial professionals reporting an increasein payments fraud activity—from 34 percent in2019 to 30 percent in 2020. A larger percentageof respondents from organizations with annualrevenue of at least 1 billion and more than 100payment accounts report increase in paymentsfraud occurrences at their companies since last yearcompared to those organizations with annual revenueof at least 1 billion but fewer payment accounts.Change in Incidence of Payments Fraud in 2020(Percentage Distribution of Organizations)COVID-19 Pandemic to Blame for Some of this IncreaseSixty-five percent of respondents believe some of the increase in fraud at their companies was due tothe pandemic, 27 percent are unsure of the pandemic’s role on fraud activity and eight percent do notbelieve the pandemic is to blame for an increase in payments fraud at their organizations. Twenty-eightpercent of financial professionals report that one to 25 percent of the increase in fraud activity waslikely due to the pandemic while 30 percent attribute 26 to 75 percent of the increased fraud instancesto the pandemic; seven percent indicate that over 75 percent of fraud activity observed in the past yearwas due to the pandemic.With social distancing measures put in place because of COVID-19, companies repositioned staff to workremotely, requiring business leaders to dust off their Business Continuity Plans (BCPs). BCPs becamea primary focus during the pandemic as they assisted in strengthening controls since face-to-facecommunication and signoff approvals were no longer the norm. Fraudsters attempted to expose thecracks in these well laid-out BCPs, exploiting deficiencies in communication to extract financial gains viaBEC and attempt fraudulent bank account changes for vendors. Consequently, BCP plans were shored up,policies tightened further and processes reestablished to prudently manage fraud related to the pandemic.Share of Increased Fraud due to Pandemic(Percentage Distribution of Organizations)8%10%LessNo increase30%More27%Unsure28%1%-25% increase7%60%Aboutthe sameMore than 75% increase14%51%-75% increase2021 AFP Payments Fraud and Control Report: Highlights www.AFPonline.org16%26%-50% increase7
!Business Email Compromise (BEC)Continues to be the Primary Reasonfor Attempted/Actual PaymentsFraud AttemptsIn 2019, BEC emerged as the key source of fraudattempts at organizations; 61 percent of companies thatexperienced attempted or actual payments fraud in 2019did so as a result of BEC. In 2020 as well, BEC continuedto be a primary reason for fraud, as 62 percent ofpractitioners indicate BEC as the primary source offraud attacks at their organizations. While treasury andfinance leaders are very aware of how widespread thistype of fraud has become, they are not able to obstructit sufficiently. Fraudsters are successfully infiltratingpayment activity at organizations by using email to doso. Their success in deceiving organizations encouragesthem to continue to use BEC.The second most-often mentioned source of paymentsfraud in 2020 was an external source or individual(e.g., forged check, stolen card); 52 percent of financialprofessionals report that payments fraud at theircompanies was the result of actions by an individualoutside the organization. This result is six percentagepoints lower that the figure reported in 2019.Other sources of payments fraud include third partiesor outsourcers such as vendors (experienced by 19percent of organizations—a seven-percentage-pointdecrease from 2019). Account takeovers (e.g., hackedsystem, phishing, spyware or malware) are reportedby 12 percent of respondents from companies thatexperienced attempted/actual payments fraud.Organizations’ payment systems continue to bechallenged by perpetrators of these attacks and BEC andexternal individuals are the most successful sources.Sources of Attempted and/or Actual Payments Fraud in 2020(Percent of Organizations that Experienced Attempted and/or Actual Payments Fraud)2020201962%Business Email Compromise(BEC Fraud)61%52%Outside individual(e.g., check forged, stolen card)58%19%Third-party or outsourcer(e.g., vendor, professional servicesprovider, business trading partner)Account takeover(e.g., hacked system, maliciouscode – spyware or malware fromsocial network)2021 AFP Payments Fraud and Control Report: Highlights www.AFPonline.org26%12%17%8
Business Email Compromise(BEC) Sees a Slight IncreaseMost Organizations Experienced Fewer than 25 Instances of BEC Fraud in 2020Seventy-six percent of organizationswere targeted by BEC in 2020, only onepercentage point higher than reported in2019, and in the ballpark of figures reportedsince 2016. Even though there has been anoverall decline in payments fraud activity,from 81 percent in 2019 to 74 percent in 2020,BEC continued to be on the uptick.—Emails from third parties requesting bank changes, payments instruction, etc.—Emails from fraudsters posing as senior executives requesting transfer of funds—Emails from fraudsters impersonating as vendors.A large majority of organizations experiences 25 or fewer instances of BEC fraud activity occur annually.Types of BEC attacks they are falling victim to include:Few companies are reporting seeing more than 25 instances of BEC fraud annually.Most Prevalent Types of Business Email Compromise (BEC) Fraud(Percent of Organizations)Percent of Organizations that ExperiencedBusiness Email Compromise (BEC),2015-2020LESS THAN NSTANCESANNUALLY200 INSTANCESANNUALLYEmails from other third parties requesting changes ofbank accounts, payments instructions, etc.88%9%2%1%Emails from fraudsters pretending to be senior executivesusing spoofed email domains directing finance personnelto transfer funds to fraudsters’ accounts87%9%2%2%Emails from fraudsters impersonating as vendors (usingvendors’ actual but hacked emails addresses) directingtransfers based on real invoices to the fraudsters accounts87%11%1%1%2021 AFP Payments Fraud and Control Report: Highlights www.AFPonline.org9
A: Business Email Compromise ControlsInternal Control Methods Implemented by Respondents to Prevent BEC FraudMyriad of Controls Used to Curtail BECFraudsters are increasingly using email to con organizations’ employeesinto believing they are legitimate vendors, staff, senior management, etal., and compromising organizations’ payment systems. Employees andpayments staff at these companies may believe these fake emails arelegitimate and transfer funds to these criminals. Not only can some ofthese attacks result in organizations being adversely impacted financially,but inadvertently organizations’ confidential information may also becompromised. As companies implemented Business Continuity Plans inresponse to staff working remotely, ensuring existing processes were inplace to mitigate fraud was increasingly important.Seventy-seven percent of financial professionals believe that educatingemployees on the threat of BEC and training them to identify spear phishingattempts are important components in controlling BEC. This is critical ifemployees are working remotely and so have minimal in-person interaction.Other controls being implemented to prevent and contain BEC include:—Implementing company policies for providing appropriateverification of any changes to existing invoices, bank depositinformation and contact information(cited by 70 percent of respondents)—Confirming requests for any transfer of funds by executing a call backto an authorized contact at the payee organization using a phonenumber from a system of record (not numbers listed in an email)(67 percent)—Instituting strong internal controls that prohibit payments initiationbased on emails or other less secure messaging systems(66 percent)—Requiring authorized signoff from senior management fortransactions over a certain threshold(58 percent)—Adopting at least a two-factor authentication or other added layersof security for access to company network and payments initiation(57 percent)(Percent of Organizations)20202019End-user educationand training on theBEC threat and howto identify spearphishing attempts77%80%Stronger internalcontrols prohibitingpayments initiationbased on emails orother less securemessaging systems66%70%34%70%Require authorizedsignoff of seniormanagement fortransactions over acertain threshold*58%61%Color-coded emailswith red banners etc.indicating theyare external39%Implemented companypolicies for providingappropriate verificationof any changes toexisting invoices, bankdeposit information andcontact information67%27%65%Adopt at least a twofactor authenticationor other added layersof security for access tocompany network andpayments initiation57%Intrusion detectingsystem that flags emailswith extensions that aresimilar to company email(example: where “rn”could be in the placeof an “m” etc.)28%Confirm requests fortransfer of funds byexecuting a call back to anauthorized contact at thepayee organization usinga phone number froma system of record (notnumbers listed in an email)59%Prohibit, or at least flagemails where the “reply”email address is differentthan the “from” emailaddress shown21%17%*was not included in last year’s survey2021 AFP Payments Fraud and Control Report: Highlights www.AFPonline.org10
Organizations’ Accounts PayableDepartments Most Vulnerable toBeing Targeted by BEC FraudBusiness Email Compromise scams continue to take variousforms and change as criminals get more creative. Whilethese scam artists might target an entire organization,they generally are more focused on the Accounts Payabledepartment as that is where payments originate. Sixty-onepercent of respondents indicate that their Accounts Payabledepartment was the most vulnerable business unit targeted.This is very similar to the 62 percent reported in the 2020AFP Payments Fraud and Control Report. The otherdepartment most susceptible to BEC fraud was the Treasurydepartment (13 percent).Departments Most Vulnerable to Being Targeted by BEC Fraud(Percentage Distribution of Organizations)3%Accounts Receivable4%3%OtherHuman Resources/Payroll Dept8%CEO, COO, CFO or other C-Suite ExecutiveSeventeen percent of respondents from largerorganizations—those with annual revenue of at least 1billion and more than 100 payment accounts—indicatethat their procurement/sourcing department was mostvulnerable to fraud, and only two percent report thatthe CEO, COO, CFO or other C-Suite executives werethe most targeted group. But the results shift for smallerorganizations with annual revenue of less than 1 billion:14 percent of respondents from those companies notethat their organization’s CEO, COO, CFO or other C-Suiteexecutives were the most vulnerable, while five percentreport that the department most impacted by fraud ccounts Payable13%TreasuryOther departments within organizations reported to bevulnerable include:—Operations—Customer Support—Accounting—Vendor management2021 AFP Payments Fraud and Control Report: Highlights www.AFPonline.org11
!Checks and Wires Continue to beMost Susceptible to Payments FraudIn 2020, checks and wire transfers continued tobe the payment methods most impacted by fraudactivity (66 percent and 39 percent, respectively).The percentage of financial professionals reportingfraud activity via these two payment methods,however, has decreased in the past year, from 74percent and 40 percent, respectively, in 2019. The8-percentage-point decrease in check fraud activity isfairly substantial and its incidence is the lowest since2008 when it was 94 percent. Contributing to thedecline in check fraud is the fact that organizationsare using fewer checks in their B2B transactions aswell as increasing the use of electronic payments as aconsequence of staff working remotely. According tothe 2019 AFP Electronic Payments Report, 42 percentof organizations reported using checks for B2Bpayments in 2019, while in 2004 over 80 percent ofcompanies were using checks for similar transactions.The share of organizations that were victims of fraudattacks via wire transfers has also decreased—from48 percent in 2017 and 45 percent in 2018 to 40percent in 2019 and 39 percent in 2020. Companiesare more efficient at detecting potential fraud andmitigating it appropriately. Even though resultssuggest a clear downward trend, wire fraud activitycontinues to be high, especially considering the shareof organizations experiencing such fraud was only inthe single digits until 2012.2021 AFP Payments Fraud and Control Report: Highlights www.AFPonline.org12
CONCLUSIONThe incidence of payments fraud declined slightlyin 2020. There had been a gradual increase inpayments-fraud activity at organizations from2013 to 2018, and in 2018 and 2019 record levels ofpayments fraud activity were reported, with over80 percent of organizations having fallen victimto payments fraud attacks. In 2020, 74 percent oforganizations were targets of payment scams. Whilethat is smaller than the shares reported in 2018 and2019, it is evident that a significant percentage ofcompanies continue to be impacted.The entire world began to grapple with the COVID-19pandemic in 2020. The potential for increasedoccurrences of payments fraud were certainly onthe radar for treasury and finance professionals asthey organized how their staff could continue tofunction as seamlessly as possible as they worked“from home” without adversely impacting theorganization’s operations. Despite the increasedcognizance, 65 percent of respondents believe someshare of the increase in fraud at their companies wasdue to the pandemic.Checks and wire transfers continued to be thepayment methods most impacted by fraud activityin 2020. The percentage of financial professionalsreporting fraud activity via these two paymentmethods, however, has decreased in the past year.The incidence of check fraud was at its lowest levelsince 2008. Contributing to the decline in checkfraud is the fact that organizations are using fewerchecks in their business-to-business transactions.The share of organizations that were victims of fraudattacks via wire transfers has also been decreasinggradually. But this year’s survey results also reveala slight increase in fraud activity via ACH debits.This shift in fraud activity from checks and wires toACH transactions signals that these perpetrators aretargeting ACH payment methods more frequentlythan check and wire transfers. The share oforganizations experiencing corporate/commercialcredit card fraud also decreased substantially in 2020.As was the case in 2019, business emailcompromise—or BEC—was the primary source ofpayments fraud attacks at organizations in 2020.While treasury and finance leaders are keenly awareof how widespread this type of fraud has become,they are not able to alleviate instances of thisBEC. Fraudsters use email to successfully infiltratepayment activity at organizations. BEC scamscontinue to take various forms and change as thesecriminals become more creative. Even though these2021 AFP Payments Fraud and Control Report: Highlights www.AFPonline.orgscam artists might target the entire organization,they are more focused on the Accounts Payabledepartment as that is where payments originate.As business leaders focus on safeguarding againstfraud, they understand those planning theseattacks are devising new methods to deceive theirunsuspecting victims. It is vital that treasury andfinance professionals continue to be vigilant andprotect their organizations against future attacks tothe best of their abilities. It might involve validatingfraud controls regularly to ensure they are doingwhat they are supposed to do—that is, preventingfraud as well as strategizing and implementing newcontrols that might be more effective in preventingcriminals from being successful in their endeavors.13
ABOUT RESPONDENTSIn January 2021, the Research Department of theAssociation for Financial Professionals (AFP)surveyed over 9,000 of its corporate practitionermembers and prospects. The survey was sent tocorporate practitioners with the following job titles:Treasurer, Assistant Treasurer, Director of Treasury,Treasury Manager, Director of Treasury and Finance,Senior Treasury Analyst, Cash Manager and VicePresident of Treasury. A total of 534 responses werereceived and after removing duplicates, etc., weeventually had 520 responses from practitioners, andthese form the basis of the report.AFP thanks J.P. Morgan for underwriting the 2021 AFP Payments Fraud and Control Survey. Both questionnairedesign and the final report, along with its content andconclusions, are the sole responsibilities of the AFPResearch Department. The following tables provide aprofile of the survey respondents, including paymenttypes used and accepted.Type of Organization’s Payment Transactions(Percentage Distribution of ingpayments28%73%Primarily businesses53%Split between consumers and businessesPrimarily consumersMethods to Maintain Payments Accounts(Percentage Distribution of Organizations)ALLANNUALREVENUELESS THAN 1 BILLIONANNUALREVENUEAT LEAST 1 BILLIONANNUAL REVENUEAT LEAST 1 BILLION ANDFEWER THAN 26PAYMENT ACCOUNTSANNUAL REVENUEAT LEAST 1 BILLION ANDMORE THAN 100PAYMENT 12%18%8%28%Other5%2%7%2%13%2021 AFP Payments Fraud and Control Report: Highlights www.AFPonline.org14
Accounts to which Controls are Applied(Percentage Distribution of Organizations)ANNUALREVENUEAT LEAST 1 BILLIONANNUAL REVENUEAT LEAST 1 BILLION ANDFEWER THAN 26PAYMENT ACCOUNTSANNUAL REVENUEAT LEAST 1 BILLION ANDMORE THAN 100PAYMENT ACCOUNTSALLANNUALREVENUELESS THAN 1 BILLIONApplied to all accounts inall areas87%85%87%86%87%Applied to all accounts butin select areas10%12%10%12%7%Not applied to all ESS THAN 1 BILLIONANNUALREVENUEAT LEAST 1 BILLIONANNUAL REVENUEAT LEAST 1 BILLION ANDFEWER THAN 26PAYMENT ACCOUNTSANNUAL REVENUEAT LEAST 1 BILLION ANDMORE THAN 100PAYMENT ACCOUNTSNumber of Payment Accounts Maintained(Percentage Distribution of Organizations)ALLFewer than %–26-5012%7%15%–30%51-10011%8%13%–25%More than 10018%11%22%–45%2021 AFP Payments Fraud and Control Report: Highlights www.AFPonline.org15
Annual Revenue (USD)Industry Classification(Percentage Distribution of Organizations)5%Under 50 million 50-99.9 million(Percentage Distribution of Organizations)ALL4%6% 100-249.9 million12% 250-499.9 million16% 500-999.9 million33% 1-4.9 billion10% 5-9.9 billion8% 10-20 billion6%Over 20 billionOrganization’s Ownership Type(Percentage Distribution of Organizations)ANNUAL REVENUEAT LEAST 1 BILLION ANDMORE THAN 100PAYMENT ACCOUNTSALLANNUALREVENUELESS THAN 1 BILLIONANNUALREVENUEAT LEAST
Bob St Jean Managing Director. J.P. Morgan Winston Fant Managing Director . J.P. Morgan Alec Grant Managing Director. J.P. Morgan Sue Dean. Managing Director J.P. Morgan. Hubert JP Jolly Managing Director J.P. Morgan. We are proud to sponsor the AFP Payments Fraud and Control Survey for the 13th consecutive year and share the 2021 report.
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AFP Stool Adequacy Rate This is the second most important indicator for assessing the performance of AFP surveillance A sensitive AFP surveillance system MUST be Capable of collecting 2 stool specimens within 14 days of onset of paralysis 24 to 48 hours apart From at least 80% of all reported AFP cases.
Types of economic crime/fraud experienced Customer fraud was introduced as a category for the first time in our 2018 survey. It refers to fraud committed by the end-user and comprises economic crimes such as mortgage fraud, credit card fraud, claims fraud, cheque fraud, ID fraud and similar fraud types. Source: PwC analysis 2
Types of economic crime/fraud experienced Customer fraud was introduced as a category for the first time in our 2018 survey. It refers to fraud committed by the end-user and comprises economic crimes such as mortgage fraud, credit card fraud, claims fraud, cheque fraud, ID fraud and similar fraud types. Source: PwC analysis 2
87% of organizations being victims of attempted check fraud. - AFP Payments Fraud Survey, 3/13 52% of organizations have experienced check fraud in the past year. This was the payment method experiencing the second highest level of fraud, behind credit/cards (66%). - iSMG, 2013 Faces of Fraud: The Threat of Evolution, September 2013
Card Fraud 11 Unauthorised debit, credit and other payment card fraud 12 Remote purchase (Card-not-present) fraud 15 Counterfeit Card Fraud 17 Lost and Stolen Card Fraud 18 Card ID theft 20 Card not-received fraud 22 Internet/e-commerce card fraud los
AFP. AFP-producing gastric carcinomas are rare, report-edly representing about 1.2% of all gastric carcinomas [5]. Hepatoid adenocarcinoma is the most common AFP-producing gastric carcinoma. Hepatoid adenocarcinoma shows several pathological overlaps with YST, as both glandular and hepatocellular dierentiation with AFP production.
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