Spot & stop payments fraud: An in-depth look at payments fraud prevention

Spot & stop payments fraud: An in-depth look at payments fraud prevention

Payment fraud is nothing new, but the sheer volume and escalation of losses for financial institutions (FIs) year over year is.

Faster payments options like same-day ACH are quick and convenient for consumers, but criminals are taking full advantage of these new and exciting technologies too. In fact, instances of fraud via faster payment methods have risen since 2021.

ACH fraud losses shot up by a staggering 63 percent in 2021 and the trend continued in 2022, with 30 percent of organizations reporting they faced fraud activity via ACH debits and credits. Of the organizations that were victims of ACH fraud attacks, less than half with revenue under $1 billion were able to recover the funds lost.1

Long-standing payment methods like checks were no exception either. Check fraud increased by 96% in 2022 according to the Suspicious Activity Report Statistics (SAR Stats) from the U.S. Treasury Financial Crimes Enforcement Network (FinCEN). SAR Stats revealed that banks filed 680,000 check-fraud reports in 2022 compared to just 350,000 the previous year.2




Underinvestment in payments fraud prevention can quickly turn into a nightmare, and trying to play catch-up is a highly risky and expensive strategy at best. With schemes like fake merchant fraud, ACH fraud, account takeover, and check fraud more rampant than ever, how can FIs get ahead of payments fraud and stop it at the source?

Using advanced technologies powered by predictive analytics and machine learning, FIs are successfully preventing a myriad of payments fraud attempts.

In this report, we’ll look at:

  • The current payments fraud landscape
  • The core challenges faced by FIs in the prevention of payments fraud
  • How predictive intelligence can play a key role in mitigating the problem, reducing losses, and improving the customer experience.

Download the guide!


  1. Association for Financial Professionals, 2023 AFP® Payments Fraud and Control Survey, 2023

  2. U.S. Treasury Financial Crimes Enforcement Network, Suspicious Activity Report Statistics (SAR Stats), 2023

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