The fraud threat: Where do we stand today?
More than ever, financial institutions and payment infrastructures are being targeted by cyber attackers, who are innovative and work with subtlety, sophistication and patience. Cyber attackers cover their tracks and exploit the fact that payments move faster than ever. Threats are increasing with patterns of wire payment fraud on the rise, up from 14 per cent in 2014 to 48 percent in 2017 (source: 2018 AFP® Payments Fraud and Control Survey). The risk of institutional payments fraud continues to shake the industry. And in the wake of the Bangladesh Bank heist in 2016, we have seen similar attacks across a number of other banks worldwide. Institutional payments are an attractive vehicle for criminals due to the speed and finality of settlement. Added to this, originators and volumes continue to grow, expanding the collective target.
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