Protect your small business from fraud

Without protection, the average consumer loses £4,000 every year due to fraud.

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As you plan to start or grow your small business, protecting your customers’ personal data is just as important as the product or service you sell. Even with today’s elevated cyber security efforts, criminals are becoming more savvy and targeting small businesses who are less likely to have the appropriate reinforcements in place.

With so many different aspects of running a business to juggle, researching an effective security prevention plan can fall by the wayside, leaving the business in a vulnerable state.

To help you save time, and the headaches that come with a data breach, we surveyed 1,000 consumers and businesses to get their opinion on the many factors impacting the payments industry, including fraud and security. Here are the 11 key trends that we discovered:

  • Security is the number one issue for consumers, above cost and convenience.
  • Over half of our survey respondents think that payment security has increased significantly, but 70% say they have security concerns when paying online.
  • Nearly three quarters of all fraudulent scams were targeted at small and medium-sized businesses, and the financial backlash has nearly doubled over the past year.
  • Perceptions of different payment options are clearly linked to perceptions of security. The most preferred payment methods are debit/credit cards and PayPal, which according to our research, are thought to be the most secure.
  • Social media platforms have not taken off well due to distrust in online payments security. 63% of our consumer respondents would not trust any social media platform, including Twitter, LinkedIn or Pinterest. This is somewhat surprising given the popularity of social media among all age groups.
  • About 12% of consumer respondents said they have experienced online fraud in the last 12 months. However, the average amount lost is almost £4,000. This is nearly double the amount from last year, which was £2,169.
  • 60% of the businesses we surveyed are concerned about cyber security, and about a third say they’ve suffered customer fraud in the last year. The average loss due to fraud for businesses is £17,864―triple the average amount lost last year.
  • On average, businesses spend an average of £20,287 on fraud protection.
  • A quarter of surveyed businesses don’t invest in fraud protection tools.
  • 3D Secure is the most-used fraud deterrent in 2016.
  • In 2015, CV2 (the additional three or four-digit security key that’s usually found on the signature strip on the back of a debit/credit card) and in-house experts were the most popular ways for companies to protect themselves.

Want to know what our research shows about keeping up with cashflow? Or how consumers prefer to make purchases? Download the 2017 Payments Landscape Report to help guide your next business decision.


Download the 2017 Payments Landscape Report

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