Businesses Move Fraud Checks Ahead of Payments

A new PYMNTS Intelligence report reveals that businesses are taking proactive steps to prevent payment fraud. According to the July 2026 survey of 150 U.S. treasury and finance executives, more than one-third of firms have experienced check fraud, with nearly half attributing at least 10% of their losses from outgoing-payment fraud to checks. While some companies rely on manual reviews for fraud detection, 55% of non-users of AI-based fraud detection tools believe their manual checks are sufficient.

However, the report suggests that this confidence in manual checks may slow down the adoption of more advanced solutions. Among firms that don't currently use AI to detect fraud, 58% plan to implement it within the next year. The survey also highlights the importance of thorough check processes, from verifying supplier details and bank information to ensuring that unusual requests are reviewed by the appropriate personnel. Skipping these steps can provide scammers with opportunities to carry out fraudulent transactions.

The report further examines the threats posed by payment fraud, particularly in supplier payments, and the measures businesses are taking to counter these risks. It also explores how incorporating AI tools into existing fraud detection processes can enhance a company's defense. This information is particularly timely, as businesses are actively planning improvements to their supplier and payment verification procedures.

The survey findings provide valuable insights for finance leaders, helping them understand where technology can aid their efforts and where human oversight remains essential.