Credit and Debit card frauds in the US has increased in 2013 despite adequate security measures taken by firms to prevent the incidents, according to a survey ‘2014 AFP Payments Fraud and Control Survey’ by the Association for Financial Professionals (AFP).
Sponsored by JPMorgan, the survey was conducted in January 2014 with more than 5,600 corporate practitioner members.
Around 22% respondents, who accept credit/debit cards from their customers, anticipate a significant impact from their investment in card acceptance fraud prevention methods.
Following the recent card data breaches, 63% of firms have either adopted additional security measures or are planning to do so in future.
About 60% of organisations were exposed to actual or attempted payments fraud in 2013, similar to 61% in 2012, down from 68% in 2011.
Nearly 70% of companies exposed to actual or attempted fraud in 2013 experienced no financial loss as a result, while 80% of companies that experienced actual or attempted payments fraud found it originated outside the organisation.
JPMorgan commercial banking sales executive, Nancy McDonnell, said the fraud survey serves as such an important tool in understanding the potential risks within the payments industry and should not be underestimated.
"Knowledge of current payments fraud practises and preventive measures helps companies implement the products and processes they need to protect their corporate assets," McDonnell added.
