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06/20/2024
Payment Fraud Worries Grow Among Business Owners
Inc.com
Small businesses are increasingly concerned about payment fraud.
The top concern among survey participants was payment fraud of various types. Forty-four percent were worried about unauthorized transactions or unauthorized electric fund transfers; 37 percent were concerned about identity theft; 28 percent said malware and ransomware attacks were their biggest concern; and 27 percent were worried about phishing and email scams.
"With the introduction of new technology over the last several years, small businesses are some of the many that have fallen victim to fraudulent activity," said Mike Walters, President of Business Banking at KeyBank. He stressed the importance of owners having a plan in place to combat fraud.
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