The annual Vocalink Services Business fraud report is considered the definitive account of payments-related fraud in both the US and the UK. This year, for the first time, we included Australian businesses in our research. The report canvasses entrepreneurs, business owners, managers and directors on their response to, and experience of, the different types of payments fraud.
The most surprising and concerning findings show that, while a large number of businesses believe payments-related fraud is becoming a bigger issue, they haven’t made any changes as a result. Lack of time and money to train staff was cited as one main reason. Additionally, our research shows:
- 38% of business owners have either been a target of attempted payments-related fraud, or know a business which has, and lost thousands of dollars/pounds in the process. 11% of owners contemplated closing their business as a result.
- While awareness of the impact of payments-related fraud has improved among businesses, 33% still admit that they are unaware of mandate, invoice redirection and CEO fraud. That’s almost 11.8m businesses across Australia, the UK and the US (this is based on a total of 27.6m businesses in US, 2.6m in Australia and 5.7m businesses in UK).
- 17% of bosses and entrepreneurs who have had to deal with the fall-out from crippling payments fraud cited problems with their relationships with family and friends as a result.
Download the report to learn more.