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
N°1
favourite European country for fraudsters
48%
of frauds are fake suppliers frauds
+100k€
estimated damage for 10% of French companies
25%
of companies have fallen victim to fraud, 1 company out of 4
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 TRILLION
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 fraudsSocial engineering & identity theft
Fake supplier fraud is the favourite fraud for fraudsters
Fake bank advisor fraud
100% manipulationIdentity theft & manipulation
Fake banker fraud relies on the usurpation of an official entity
Fake President fraud
38% of fraudsPressure & identity theft
The Fake President fraud is the most well-known and has been publicized since the 2000s
Phishing
100% trendyPhishing 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!
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.
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
