Payment Fraud: Understanding the Risks and Protecting Yourself and Firm

February 19, 2020 by ACA Aponix

Payment fraud threats are a major concern for financial services firms globally, with fraud trends reflecting a continued and sustained growth over the past few years.* Payment fraud has also become more sophisticated, with criminals evolving their techniques and increasing their rate of attack. It is often the result of business email compromise (BEC), as detailed in this 2019 FinCEN advisory

As well as the obvious financial impact from payment fraud, fraudulent incidents may subject firms to additional regulatory scrutiny, privacy concerns, reputational damage, litigation, and loss of clients/investors. In addition, post-breach remediation costs can be extremely high. It has become essential that firms are proactive in predicting and assessing their exposure to these threats in order to mitigate the likelihood and impact of a payment fraud incident. 

Download our infographic below to learn more about the risks of payment fraud: 


How We Help

ACA Aponix®’s (ACA) Payment and Fraud Risk Assessment (PFRA) helps your firm better understand payment flow and fraud risk mitigation opportunities. Our solution provides end-to-end policy-aligned reviews of all your firm’s cash movements to identify potential fraud risk throughout the payment lifecycle. We perform evidence-based procedure reviews across your firm to help mitigate risks during subscription, drawdown, redemptions, staff, and vendor payments.

Our tailored service offering is customized for each payment type to provide an accurate assessment of possible risks. Assessments also include identity and access management, payment limits and cash control best practices for your electronic banking channels.

ACA’s team of highly experienced subject matter experts continuously monitor various sources to identify new fraud trends before they impact your firm. Our team includes specialists in payment fraud, cybersecurity, and technology risk from various industries, including investment management, banking, and healthcare.

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*2019 AFP Payments Fraud and Control Survey