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79% in survey were victims of attempted or actual payments fraud in 2024

Tuesday, April 15, 2025 — 17:45:39 (UTC)

ROCKVILLE, Md., April 15, 2025 /PRNewswire/ -- Seventy-nine percent of respondents reported that their organizations were victims of attempted or actual payments fraud activity in 2024, according to the 2025 AFP Payments Fraud and Control Survey, underwritten by Truist.

While down just one percentage point from 2023, the number still reflects significant payments fraud activity by fraudsters who are undeterred by the anti-fraud protections that organizations have implemented.

Business email compromise (BEC) remained the No. 1 avenue for attempted and actual payments fraud in 2024, cited by 63% of respondents. Spoof emails were the most prevalent type of BEC, cited by 79% of respondents. Vendor imposter fraud, cited by 45% of respondents, saw an 11-percentage-point increase in incidences from the previous survey.

Checks continue to be the payment method most often subjected to payments fraud, with 63% of respondents experiencing attempted or actual fraud via checks in 2024. Nevertheless, more than 75% of organizations currently have no plans to reduce check usage in the next two years.

Other key findings from the 2025 AFP Payments Fraud and Control Survey Report include:

Wire transfers were the payment method most frequently targeted by BEC scammers in 2024, reported by 63% of respondents, up from 39% in the previous survey. ACH credits — which were the prime targets for BEC in 2023 — saw more BEC scam activity in 2024 than in the prior year, rising to 50% from 47% of respondents reporting incidents.

"Classic" BEC scams, in which a fraudster impersonates a senior executive and requests a transfer of funds, saw a significant decline, with 49% of respondents reporting incidents in 2024 compared to 57% in 2023. Third-party impersonations, reported by 63% of respondents, remained the most frequent type of BEC scam.

Twenty-two percent of organizations were able to recover 75% or more of the funds lost due to payments fraud in 2024. This is a sharp decrease from 2023 when 41% of organizations recovered the same amount. However, 58% of organizations were able to recoup up to 75% of their funds in 2024, up from 29% in 2023.

"Although organizations remain vigilant in combatting payments fraud, many continue to be victims of fraud, as scammers have become more sophisticated with the help of AI and other technologies," said Jim Kaitz, President & CEO of AFP. "To stay ahead of fraudsters, organizations must make it a priority to equip their employees with training to detect fraud and tools to mitigate it."

"The reality is, while the threat landscape is evolving, vigilance alone isn't enough," said Chris Ward, Head of Enterprise Payments at Truist. "Truist offers clients a strategic advantage, with expertise and robust solutions that enable them to manage their payments with simplicity, speed, and safety. We're helping clients not just to react, but to anticipate and neutralize fraud — and, ultimately, giving them confidence to better protect their businesses."

The 2025 AFP Payments Fraud and Control Survey was conducted in January 2025 and received responses from 521 corporate practitioners representing organizations of varying sizes and a broad range of industries. The results from the survey reflect data for 2024.

Full survey results are available on the 2025 AFP Payments Fraud and Control Survey page. Please direct all press inquiries to Joe Hodanich, Director, Digital Strategy, at jhodanich@afponline.org.

About AFP®

Headquartered outside of Washington, D.C., and located regionally in Singapore, the Association for Financial Professionals (AFP) is the professional society committed to advancing the success of treasury and finance members and their organizations. Established and administered by AFP, the Certified Treasury Professional and Certified Corporate FP&A Professional credentials set standards of excellence in treasury and finance. Each year, AFP hosts the largest networking conference worldwide for about 7,000 corporate financial professionals.

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Source: Company press release.

Categories: Reports and research