Payment Fraud Statistics You Should Know
Your company works hard for profits. Fraudsters work just as hard to steal them. They’ll never stop. That’s why you need to be aware of their schemes and the risks if you don’t exercise proactive fraud prevention
- 71% of organizations reported they were victims of payment fraud last year.1
- 29% of companies say fraud increased last year.2
| Top Industries Experiencing Cyberattacks | |
| #1 Manufacturing | 23.2% |
| #2 Finance and Insurance | 22.4% |
| #3 Professional and Business Services | 12.7% |
| #4 Energy | 8.2% |
| #5 Retail and Wholesale | 7.3% |
| #6 Healthcare | 5.1% |
| #7 Transportation | 4% |
| #8 Government | 2.8% |
| #9 Education | 2.8% |
| #10 Media | 2.5% |
Source: IBM Security, “X-Force Threat Intelligence Index,” 2022
- Fraud costs 30% of businesses 3.5% of annual sales last year.3
- 47% of B2B businesses decided not to onboard new clients because they were afraid of fraud attacks.4
- Checks (66%) and ACH Debits (37%) are the most often used fraud methods.5
- Business Email Compromise declined eight percent, but 68% of companies were targeted in 2021.6
- Fraud impacts other payments too.7
- 32% Wire transfers
- 26% Corporate/commercial cards
- 24% ACH credits
- 7% Cash
- 5% Same-day ACH, RTP, etc.
- 4% Ransomeware
- 3% Virtual cards
- 1% Cryptocurrency
Fraud is costly. Don’t leave your payment systems open to criminals. Let us show you how to safeguard your payments. For more information on how Synovus can help your business mitigate payments fraud, contact Synovus Treasury & Payment Solutions or your Treasury Consultant. You can also stop by one of our local branches to learn more.
Important disclosure information
This content is general in nature and does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.
- Association for Financial Professionals, “Payments Fraud and Control Report,” 2022 Back
- ibid Back
- PYMNTS.com, “The Data Point: 47% of Firms Say Growth is Being Slowed Due to Fraud Fears,” June 6, 2022 Back
- ibid Back
- Association for Financial Professionals, “Payments Fraud and Control Report,” 2022 Back
- ibid Back
- ibid Back