Checks continue to be the payment method most often subjected to payments fraud, with 63% of respondents experiencing attempted or actual fraud via checks in 2024.

Vendor imposter fraud, cited by 45% of respondents, saw an 11-percentage-point increase in incidences from the previous survey.

22% of organisations were able to recover 75% or more of the funds lost due to payments fraud in 2024. This is a sharp decrease from 2023 when 41% of organisations recovered the same amount.

ACH credits saw more BEC scam activity in 2024 than in the prior year, rising to 50% from 47% of respondents reporting incidents.

Wire transfers were the payment method most frequently targeted by BEC scammers in 2024, reported by 63% of respondents, up from 39% in the previous survey.

Business email compromise (BEC) remained the No. 1 avenue for attempted and actual payments fraud in 2024, cited by 63% of respondents.

47% of financial technology decision-makers surveyed said their company does not regularly train employees on fraud and cyberawareness, leaving these firms more vulnerable .

There was a nearly fourfold increase in fraud targeting deposit accounts—from 2% to almost 8% in the second half of 2024.

Synthetic fraud saw a decline, dropping from 1% to 0.75% during 2H 2024.

There was a 46% rise in personal document theft leading to identity theft in 2024

21% of organisations reported fraud attempts against facial biometric liveness detection.

70% of respondents agreed that investing in technology is the best way to mitigate the financial risk of identity fraud.

Organisations with over 5,000 employees have an annual direct identity fraud cost of $13 million on average.

Organisations that invested in IDV solutions reported savings averaging $8 million.

Identity fraud costs organisations an average of $7 million annually.

Compared to those investing at an average level, high investors into IDV solutions are 1.7x more likely to have significantly reduced identity fraud.

Compared to those investing at an average level, high investors into IDV solutions are 1.6x more likely to report a positive impact on their brand

Compared to those investing at an average level, high investors into IDV solutions are 2.2x more likely to see savings compared to companies investing the same or less.

There was a 1,033% surge in utility account fraud over the past year.

There was an almost 500% increase in student loan scams over the past year.