Small Business Owners Increasingly Worried About Payment Fraud
A recent survey conducted by regional bank KeyBank has revealed that small business owners are becoming increasingly concerned about payment fraud. The survey, which included nearly 2,000 small-to-medium-size businesses with annual revenue of less than $10 million, found that payment fraud is a top concern among participants.
Specifically, 44 percent of survey respondents expressed worry about unauthorized transactions or unauthorized electronic fund transfers, while 37 percent were concerned about identity theft. Additionally, 28 percent cited malware and ransomware attacks as their biggest concern, and 27 percent were worried about phishing and email scams.
Mike Walters, president of Business Banking at KeyBank, emphasized the importance of having a plan in place to combat fraud, especially with the introduction of new technology in recent years.
Aside from fraud, the survey also identified the top three anticipated economic challenges for small businesses in the coming months: high overhead costs, delayed payments from clients or customers, and fluctuating revenue. Despite these challenges, the survey found that 65 percent of small business owners feel confident they could fund their operating expenses for one month with their cash reserves in case of an unexpected need.
Walters noted that small business owners’ resilience and confidence are key factors that enable them to weather financial uncertainty and continue powering through economic challenges.
Overall, the survey highlights the growing concerns among small business owners about payment fraud and the economic challenges they anticipate facing in the near future.
