Funny thing happened the other right after I finished my blog post about why the private sector needs to establish better and more secure standards practices for mobile payments than what exists today for cash, checks and credit cards, the Association for Financial Professionals (AFP) 2012 Payments Fraud and Control Study showed up in
my email box.
The data collected in 2011 shows that checks remain the favorite payment method for fraudsters (85% of fraud attempts) and large corporations (revenue over $1 billion) being their favorite target (81%).
The good news is that the number of fraud attempts continues to decrease and actual average loss is relatively low ($19,200.00). This tells me that the industry as a whole has gotten smarter at detecting and thwarting fraud.
Posted on March 23, 2012
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