2008 Payments Fraud Survey Results
The results from the 2008 Payments Fraud and Control Survey performed by the Association for Financial Professionals (AFP) are in, and they make a strong argument for moving to electronic payments.
The 2008 survey revealed that check fraud accounted for 94% of incidents of payments fraud. The survey concluded that organizations were much less exposed to fraud if they used electronic payments.
Couple these findings with the results of a United States Treasury study below and the case for transitioning AP to electronic payments has become indisputable.
U.S. Treasury study comparing electronic payments to
paper payments showed:
- The average cost per transaction was 22.5 times less for e-payments than
for paper checks.
- The payment inquiry rate was 32 times less for e-payments than for paper checks.
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