Payment Fraud by Industry

Different industries face varying levels of payment fraud risk. Here's what the data shows.

Industry Vulnerability Rankings

Based on UK Government Economic Crime Survey 2024, fake invoice fraud prevalence:

High-Risk Transaction Types

Certain payment types are particularly targeted:

Property & Construction

• House deposits and settlements

• Construction progress payments

• Renovation invoices

"Stories include young couples trying to pay their house deposit for their first house, where crooks alter the conveyancer's account details."

Professional Services

• Legal fee payments

• Accounting services

• Consulting invoices

Supply Chain

• Regular supplier payments

• Vendor Email Compromise targeting supplier relationships

• VEC attacks rose 66% in H1 2024

Payment Method Vulnerabilities

• Paper checks remain most vulnerable - 63% of businesses report check-related fraud

• Digital payments increasingly targeted via BEC

• International transfers particularly at risk due to harder recovery

Company Size vs Industry

While industry matters, company size is often a bigger factor:

• Small businesses lack controls - 42% of frauds caused by missing controls

• Mid-size businesses (50-5,000 employees) are "sweet spot" targets

• Large enterprises have security but process more payments

Sources

Data from UK Economic Crime Survey 2024, AFP Payments Fraud Survey, and ACCC Scamwatch.