Understanding Payment Fraud: Common Risks and Tools to Protect Your Business
Author, Jadyn Brandt, Client Communications Coordinator, Rancho Mesa Insurance Services, Inc.
Payment fraud is a threat to businesses of all sizes and can have a significant impact on a company’s bottom line.
Protecting your business from payment fraud is increasingly important, as scamming tactics continue to adapt to new technology. The Association for Financial Professionals (AFP) reports 79% of organizations included in their annual payments fraud survey reported have been victims of payments fraud attacks or attempts in 2024.
The same survey found that 63% of respondents reported their organization faced check fraud, making it the most common fraudulent payment method in 2024.
Wire transfers were reported as the payment type most vulnerable to business email compromise (BEC).
According to the AFP, BEC scams like phishing attacks commonly include impersonation of a senior executive, vendors or a third-party. These scams use falsified identity to attempt to gain access to sensitive information including passwords, bank information, or credit card numbers.
Effective fraud protection strategies can help insulate your business from these risks, and starts with proper training for employees. When employees know how to spot BEC scam tactics, they are less likely to share sensitive information and put the organization at risk.
Cybersecurity Awareness trainings are available through Rancho Mesa’s RM365 HRAdvantage™ portal. Participants will be taught how security breaches can occur and how to limit these risks.
Join us on Friday, May 1, 2026 from 9:00 am – 9:30 am for the Safeguarding Your Business: Fraud Protection & Smart Payment Strategies webinar.