Fraud still a major concern for UK business revenue

Despite UK businesses being confident in their anti-fraud measures, fraud is still considered one of the bigger enemies to revenue. These are the conclusions of a new report by Bottomline Technologies, entitled UK Business Payments Barometer: De-risking for growth.

The survey polled 400 financial decision makers including business owners, CFOs, CEOs, CTOs and COOs, on liquidity, fraud and payments. Various types of businesses were surveyed, from small ones to enterprises with 10,000 employees and more.

It says that 69 per cent of financial decision makers were confident in their anti-fraud measures. On the other hand, half of them believe their revenue has been negatively affected by fraud.

More than half (52 per cent) are worried about external cyber-fraud threats, while a third (34 per cent) worry about external exploitation of their internal payment processes and staff.

“The number of companies choosing to employ a strong security posture in the fight against fraud is ever increasing”, said Richard Ransom, payments solution lead at Bottomline Technologies.

"Gone are the days where companies just dealt with the repercussion rather than taking precaution. It’s crucial for financial decision makers to be fully aware of the potential fraudulent threats against their business payments to ensure revenue is affected as little as possible.

“Providing ongoing training and education for employees, putting guidelines and procedures in place for protecting sensitive data on corporate devices, and regularly advanced threat and adversary intelligence solutions can all help reduce the risks of fraud.”

Bottomline believes companies need to have the correct security measures set up, as well as awareness to defend themselves from fraudsters.

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