Chart of The Week: Checks Are Risky, But Digital Fraud Is Growing
By a large margin, checks remained the payment method most susceptible to fraud in 2022. While check fraud decreased 3 percentage points from 2021, instances of fraud via commercial cards increased 10 percentage points, while ACH credits and virtual cards each saw a 6-percentage point increase. Although frauds related to transactions involving cryptocurrencies only accounted for 5% of all payment frauds in 2022, that number increased 500% from 2021.
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Source: 2023 AFP, Payments Control and Fraud Survey Report:
According to Javelin Strategy & Research’s Report: Commercial and Enterprise Payments Fraud: 2023 Edition, businesses expect commercial payment fraud to increase over the coming year. There are many contributing factors, the chief of which include:
