Checks are by far the business-to-business payment tool most likely to be used for fraud, according to the Association for Financial Professionals.
In a survey the Bethesda, Md., trade group released Tuesday, 71% of businesses said they experienced fraud or attempted fraud last year, and 94% of those businesses said they were victims of actual or attempted check fraud.
Businesses were less likely to report fraud involving electronic payments, the survey found; 26% reported misuse of automated clearing house debits, 13% reported fraud on corporate credit cards, 4% had fraudulent ACH credits, and 3% had issues with wires.
The survey of 552 corporate treasury and finance executives was conducted in January and underwritten by The Clearing House Payments Co. LLC's Electronic Payments Network.
Insiders were responsible for much of the fraud, the survey said. Half the companies that experienced corporate card fraud said employees were responsible for at least some of the misuse; and almost 40% of those that experienced ACH fraud said employees were to blame.
