Three Priorities for Countering Fraud Against Small Businesses
- Date:November 30, 2021
- Author(s):
- Ian Benton
- Tracy Kitten
- Report Details: 14 pages, 6 graphics
- Research Topic(s):
- Fraud & Security
- Fraud Management
- PAID CONTENT
- Download summary
Overview
Business banking fraud is on the rise, and it spiked amid the early days of the pandemic. Here’s what that means for banks: Fraud can be devastating to the bottom line, in terms of mitigating it and also in the damage done to relationships with business customers. The answer is to take a proactive posture against fraud and associated threats, such as ransomware, phishing, and business email compromise. The further answer is to enlist those business customers at risk of fraudulent schemes in their own protection.
Banks can do this through education (in-house and with customers), building more robust security hubs with easy-to-find anti-fraud resources, promoting best practices among partners and third parties, and fortifying connections with business customers before fraud occurs so the relationship can survive the aftermath of an attack. This report by Javelin Strategy & Research lays out the current landscape of small-business banking fraud and how best to stem the tide.
Methodology
The behavioral and attitudinal data in this report was collected from a random-sample survey conducted in June 2021 of 900 business owners and decision-makers with annual company revenue between $100,000 and $10 million.
Past data was derived from the following sources:
- A random-sample survey of 900 business owners and decision-makers conducted in three separate cohorts in March, April, and May 2020
- A random-sample survey of 1,000 business owners and decision-makers conducted in June 2019
- A random-sample survey of 1,000 business owners and decision-makers conducted in May 2018
- A random-sample survey of 1,000 business owners and decision-makers conducted in May 2017
- A random-sample survey of 1,000 business owners and decision-makers conducted in April 2016
Interested In This Report
Related content
Targeting TikTok: Rising Geopolitical Tension Should Put FIs on Guard
As a bipartisan group of legislators tries to put TikTok out of business in the United States over its China-based ownership and sketchy history of leveraging user data, U.S.-based...
Reality Bytes: Empowering Consumers Through Fraud and Scams Education
Identity fraud scam losses declined in 2021, but the threat remains real, and financial institutions have a vested interest in ensuring that they are outfitting their customers and...
Ransomware Negotiation Market Landscape 2022
Ransomware negotiation providers play a pivotal role in aiding financial institutions in their recovery of stolen and/or encrypted data and in conducting post-attack forensics to h...
Make informed decisions in a digital financial world