Financial fraud is evolving quickly as cybercriminals adopt new technology and increasingly sophisticated tactics. For many businesses, the biggest challenge is that today’s scams often look and sound legitimate, making them harder to detect in the moment. Understanding the most common threats can help organizations stay one step ahead.
One of the fastest‑growing risks is the rise of AI-driven impersonation scams. Fraudsters are now using tools like deepfake videos, synthetic voice calls, and AI-generated emails to pose as company leaders, trusted partners, or vendors. These attacks surged in 2025, fueled by highly realistic technology that allows criminals to create convincing stories and urgent‑sounding requests designed to trigger fast action.
Business Email Compromise (BEC) also remains one of the most financially damaging types of fraud. According to the 2025 AFP Payments Fraud and Control Survey Report, in 2024 63% of organizations reported experiencing BEC attacks, with criminals frequently targeting ACH credits and wire transfers because of their speed and the large dollar amounts involved. These scams are often carried out through email accounts that appear legitimate, making payment-redirection attempts difficult to identify without strong internal verification processes.
Another major concern for businesses is invoice and vendor impersonation fraud. This threat has become one of the most common corporate attacks, impacting 45% of organizations in 2024. Criminals often insert themselves into vendor communications or create nearly identical invoices, hoping to divert payments to fraudulent accounts. Many of these schemes use a mix of email, phone calls, text messages, and fake websites, creating a multi-layered approach that can appear authentic to unsuspecting employees.
Traditional payment methods are also being targeted. Despite the rise of digital payments, check and ACH debit fraud remain widespread. In 2024, 63% of organizations reported check fraud, and 34% experienced unauthorized ACH debit activity. Fraudsters continue to exploit manual processes and outdated controls that are still common in many finance departments.
Finally, social engineering scams have expanded across multiple channels. Nearly half of organizations recently reported fraud attempts delivered through fake websites and SMS messages, and a significant number experienced phone-based impersonation attempts. These multi-channel attacks are designed to overwhelm staff and exploit moments of confusion or urgency.
While the fraud landscape continues to grow more complex, businesses can greatly reduce their exposure with a few consistent practices. Strengthening verification protocols for payment changes, vendor instructions, and urgent financial requests is essential, along with implementing layered security such as multifactor authentication and email authentication tools. Centralizing vendor management, modernizing payment processes, and reducing manual check workflows add further protection. Above all, regular employee education and heightened awareness remain critical, as well-trained teams are often the most reliable defense against even the most sophisticated scams. For more information on how First Bank can support your business with effective fraud prevention tools and resources, please reach out connect with our experienced Treasury Management team.
One of the fastest‑growing risks is the rise of AI-driven impersonation scams. Fraudsters are now using tools like deepfake videos, synthetic voice calls, and AI-generated emails to pose as company leaders, trusted partners, or vendors. These attacks surged in 2025, fueled by highly realistic technology that allows criminals to create convincing stories and urgent‑sounding requests designed to trigger fast action.
Business Email Compromise (BEC) also remains one of the most financially damaging types of fraud. According to the 2025 AFP Payments Fraud and Control Survey Report, in 2024 63% of organizations reported experiencing BEC attacks, with criminals frequently targeting ACH credits and wire transfers because of their speed and the large dollar amounts involved. These scams are often carried out through email accounts that appear legitimate, making payment-redirection attempts difficult to identify without strong internal verification processes.
Another major concern for businesses is invoice and vendor impersonation fraud. This threat has become one of the most common corporate attacks, impacting 45% of organizations in 2024. Criminals often insert themselves into vendor communications or create nearly identical invoices, hoping to divert payments to fraudulent accounts. Many of these schemes use a mix of email, phone calls, text messages, and fake websites, creating a multi-layered approach that can appear authentic to unsuspecting employees.
Traditional payment methods are also being targeted. Despite the rise of digital payments, check and ACH debit fraud remain widespread. In 2024, 63% of organizations reported check fraud, and 34% experienced unauthorized ACH debit activity. Fraudsters continue to exploit manual processes and outdated controls that are still common in many finance departments.
Finally, social engineering scams have expanded across multiple channels. Nearly half of organizations recently reported fraud attempts delivered through fake websites and SMS messages, and a significant number experienced phone-based impersonation attempts. These multi-channel attacks are designed to overwhelm staff and exploit moments of confusion or urgency.
While the fraud landscape continues to grow more complex, businesses can greatly reduce their exposure with a few consistent practices. Strengthening verification protocols for payment changes, vendor instructions, and urgent financial requests is essential, along with implementing layered security such as multifactor authentication and email authentication tools. Centralizing vendor management, modernizing payment processes, and reducing manual check workflows add further protection. Above all, regular employee education and heightened awareness remain critical, as well-trained teams are often the most reliable defense against even the most sophisticated scams. For more information on how First Bank can support your business with effective fraud prevention tools and resources, please reach out connect with our experienced Treasury Management team.
Sources
Association for Financial Professionals, "Survey: 79% of Organizations Were Victims of Attempted or Actual Payments Fraud Activity in 2024." https://www.financialprofessionals.org/about/learn-more/press-releases/Details/survey-79-percent-of-organizations-were-victims-of-attempted-or-actual-payments-fraud-activity-in-2024
Association for Financial Professionals, "Survey: 79% of Organizations Were Victims of Attempted or Actual Payments Fraud Activity in 2024." https://www.financialprofessionals.org/about/learn-more/press-releases/Details/survey-79-percent-of-organizations-were-victims-of-attempted-or-actual-payments-fraud-activity-in-2024