Are you at risk for payment fraud?

81% of businesses experienced payment fraud in 2019.

Because no organization is immune to the threat of fraud, Texas Capital Bank offers a range of solutions backed by an experienced fraud protection and securities team.

Are you at risk?

If your business accepts payments in any form, it’s at risk for payment fraud. In 2019, fraudsters attempted to embezzle funds from businesses of all sizes, targeting a range of payment methods.

In 2019, fraud cost businesses big.

16% of business lost up to $24,999. 9% of business lost up to $99,999. 4% of business lost up to $249.999, and 1% of business lost up to $1,999,999.

number 1 payment method targeted by fraudsters is 74% checks. 40% wire transfers, 34% corporate credit cards, 33& ACH debits, and 22% ACH credits.

Number 1 means of infiltrating businesses for fraud attacks are BEC (business email compromise) at 75%. Targets wires and ACH credits, the most common BEC tactics in 2019 were posing as senior executives at 81%, impersonating vendors at 44%, and pretending to be other third parties at 33%.

You may not even know you've been attacked. 21% took up to 1 to 2 weeks to detect fraud. 13% took up 1 to 2 months to detect fraud. 1% took up to 1 to 2 years to detect fraud.

On average, businesses will lose 5% of their gross revenue to fraud. How much can you afford to lose?

You can protect your business and your employees from the cost of fraud.

Your first line of defense against fraud schemes is to make sure you have the proper policies and controls in place to educate employees on how to spot fraudulent checks or suspicious email requests for fund transfers. Your second line of defense is your bank, and proven solutions like these:

ACH Blocks & Filters

Systematically lock all incoming ACH transactions or return any transactions that are not preauthorized companies.

ACH Positive Pay

Compare attempted ACH debits to preauthorized profiles. Allow preauthorized profiles to post, while you review and verify unauthorized sources in real time.

Check Positive Pay

Match issued checks with in clearing checks to deliver a daily online report of exceptions for you to decide to pay or return.

Reverse Positive Pay

Self-monitor all incoming checks for potential fraud scenarios, returning checks that appear altered or counterfeit.

Positive Pay Payee Verification

Reduce the risk of payee name alternations by setting up controls that compare the payee name on the check with that on your check issue file.

Check Debit Blocks

Automatically reject checks presented on accounts intended only for electronic transactions.

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