New research highlights the challenges of fraud in cross-border payments. A study from Levvel Research of 450 professionals from North American organizations across a variety of industries and market segments finds that 83 percent of companies made cross-border payments in 2019—a 10 percent increase over the prior year. But, fraud remains a top concern with 33 percent noting they are concerned about it.
“There’s no denying that cross-border payment transactions are on the rise and that they are more complex than domestic transactions,” explained Anna Barnett, director of research for Levvel. “Businesses are realizing that they are exposed to fraud risk unless they put in place new controls.”
Nearly one-fourth (24 percent) of businesses said they recognize that they have a knowledge gap regarding international payments processes, while 26 percent say they have a challenge meeting local tax and regulatory requirements.
The research also finds the most popular payment methods for businesses include:
- Wire Transfers - 69 percent
- PayPal - 38 percent
- Local ACH Transfers / Global ACH - 29 percent
- Checks/Prepaid Debit Cards - 17 percent