Scams involving business email compromise—through which fraudsters target businesses and their fund transfers— were flagged by banks as the greatest business risk over the next two years, according to a survey from consulting firm Strategic Treasurer and payment company Bottomline. The survey found that 86% of bank respondents perceived business email compromise or authorized fraud to be the greatest risk to their business.
Account takeover—where criminals gain control of an account or portal credentials—was seen by bank respondents as the second greatest risk over the next two years. The survey also found that 37% of bank respondents intend to invest significantly in check fraud technology in the next 12 months and 23% said they will be investing in application fraud technology.
