The Rising Tide Of Payment Fraud
A survey of more than 3,000 corporate treasury officials raised the alarm about cheque and electronic payment fraud. Payment fraud last year was pervasive and increasing says a report from the Association for Payments Professionals. The Association for Finance Professionals did another survey and found that 72% of its 414 respondents had been victims of actual or attempted fraud in 2006, up from 68% in a 2005 survey. So is it all doom and gloom? Not really! Electronic payments turn out to be significantly safer than paper (cheques processed as images are also much safer than paper cheques) even though ACH and payment card networks are subject to increasing fraud attacks, particularly in transactions on the Internet and over the phone. More from Digital Money Forum.