More than 600 treasury and finance professionals responded to the 2016 AFP Payments Fraud and Control Survey, underwritten by J.P. Morgan.
The research found that 64% of organizations were exposed to business email compromise (BEC) scams in 2015.
Nearly half (48%) of organizations were exposed to wire fraud, up from 27% in 2014 and 14% in 2013.
AFP president and CEO Jim Kaitz said: "Let there be no doubt: Payments fraud is an enormous challenge for all organizations.
"One of the toughest payments fraud challenges we are seeing is BEC scams, which are growing increasingly sophisticated and successfully infiltrating email systems at numerous organizations."
As for the future, companies are expecting that EMV chip cards will alleviate at least some payments fraud but 90% of those quizzed think that criminals will simply shift their focus to other scams.
J.P. Morgan managing director and treasury executive Nancy McDonnell said: "Each year, payments and cyber fraud schemes grow in sophistication and knowing how to recognize and manage these threats is critical to protecting your organization.
"Investing in the appropriate data protection tools, infrastructure controls and employee education is essential for all businesses."
Headquartered outside Washington, D.C., the AFP is the professional society that represents finance executives globally.
Image: More than 600 treasury and finance professionals responded to the 2016 AFP Payments Fraud and Control Survey. Photo: courtesy of Naypong/FreeDigitalPhotos.net.
