More than nine out of ten finance professionals firmly believe EMV cards will be effective in reducing POS fraud. In addition, 61% believe chip-and-PIN will be the most effective authentication method in mitigating credit/debit card payments fraud.
The January survey by the Association for Financial Professionals also discovered 62% of companies were targets of payments fraud in 2014″a 2% increase from 2013. The most targeted payment methods in 2014 were: Checks (77%); Credit cards/Debit cards (34%); and Wires (27%).
Despite companies’ fears, the AFP Payments Fraud & Control Survey found that 70% of companies that were subject to payments fraud in 2014 did not suffer a financial loss from the attack. Although declining, checks are by far the payment method most subjected to actual or attempted fraud, and they accounted for the largest dollar amount of loss.
The AFP found organizations have implemented several strategies to mitigate cyberattacks, including technical changes and safeguards (71%), training and education (62%), and segmentation of payments authorizations (43%).
AFP established and administers the Certified Treasury Professional and Certified Corporate FP&A Professional credentials, which set standards of excellence in finance.
For more data on Payments Fraud access CardData®. For information and commentary on Payments Fraud visit the searchable CardFlash® Library of more than 58,000 articles published since 1995. RAM Research® forecasts on Payments Fraud are available exclusively through CardWeb.com.®