SMEs are still ignoring dangers of payments fraud

Payments fraud? What payments fraud? A lot of SMEs appear to be seriously relaxed about the risks of being swindled and the consequences for their business.

Posted on Express | By Maisha Frost

Over half (58 per cent) believe the impact would be minimal and they would only lose a small amount, according to the latest fraud report from MasterCard company Vocalink Analytics.More than 33 per cent had not even heard of the various types of payment cons, such as invoice redirection, mandate and email fraud, the research suggests.

Awareness had barely increased since 2016, although for firms that had been stung it was a different story, with 71 per cent citing it as one of the biggest risks and a continuing threat this year.

SMEs losses were estimated to be £18.9 billion a year according to Action Fraud a couple of years ago.

Read entire article Payments fraud: SMEs are still ignoring dangers of fraud | Express.co.uk

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