Authorised Push Payment Fraud

A phantom menace…

Unpredictable and yet real!

Fraud, a threat beyond borders

Cybercrime & Authorized push payment fraud around the world

France

France

N°1

favourite European country for fraudsters

48%

of frauds are fake suppliers frauds

+1M€

estimated damage for 23% of Fake President fraud

25%

of companies have fallen victim to fraud, 1 company out of 4

World

World

31%

of companies suffer at least one cyberattack per day

47%

of companies have been victims of fraud in the last 24 months

6

frauds on average per company, reported over the last 24 months

$6 BILLION

estimated damage to businesses in 2021 globally

Sources : PWC , Cybercrime Magazine Top 5 Cybersecurity Baromètre DFCG • Euler Hermès, Etude PWC PwC’s Global Economic Crime and Fraud Survey 2020, Rapport Acronis, article CyberSecurityVentures

Authorised Push Payment Fraud

Authorised Push Payment Fraud affects all businesses, regardless of size or industry. Although fraud is now better known to the general public, it still remains a threat led by unscrupulous fraudsters and increasingly sophisticated methods.

Among the different types of bank transfer fraud, the most popular is fake supplier fraud, which involves impersonating a company supplier. But there are other types of fraud.

Fake supplier fraud

48% of frauds

Social engineering & identity theft

Fake supplier fraud is the favourite fraud for fraudsters

Fake bank advisor fraud

100% manipulation

Identity theft & manipulation

Fake banker fraud relies on the usurpation of an official entity

Fake President fraud

38% of frauds

Pressure & identity theft

The Fake President fraud is the most well-known and has been publicized since the 2000s

Phishing

100% trendy

Phishing technique

The most used in 2020

It is estimated that nearly half of all companies worldwide have been victims of attempted fraud, but few want to share their experience. By educating as many companies as possible about the different techniques used, how to protect themselves and the risks involved, the fight becomes collective.

Fraud, a collective struggle!

White paper – Kill the fake Bill

The essential white paper to understand in a quirky but effective way about the different types of authorized push payment fraud and the modus operandi used by fraudsters.

DOWNLOAD THIS WHITE PAPER

Securing processes beyond the company

Fraud risk at every stage of the Purchase-to-Pay (P2P) process

The human factor is key to the validation of data from your third parties, customers and suppliers. It is on this specific parameter that action must be taken to remove manual errors and verify the identity of each interlocutor, especially if he is known to the company. In 72% of cases, fraud is external to the company and each step of the P2P process set by the financial management presents a risk to the company.

The security of processes and the digitization of controls must therefore be carried out beyond the company to avoid any attempt at fraud.

Purchase-to-Pay

Aggravating factors of corporate fraud

  • External source: 72% does not come from the company
  • Human factor: central to data validation
  • Sophistication of techniques: Social Engineering, infiltration within IT department

  • Situational change: media news, crisis context & reorganization