Small Businesses Increasingly Concerned About Payment Fraud

Small businesses are becoming more concerned about payment fraud, as revealed by a recent survey from regional bank KeyBank. The survey included nearly 2,000 small-to-medium-sized businesses with annual revenues of less than $10 million. The results show that payment fraud is a significant worry, with various types of fraudulent activities posing serious threats to their financial security. 

The survey revealed several major concerns among small business owners. Forty-four percent of respondents were anxious about unauthorized transactions or electronic fund transfers. Identity theft was a concern for 37%, while 28% were primarily worried about malware and ransomware attacks. Additionally, 27% were troubled by phishing and email scams. 

Mike Walters, President of Business Banking at KeyBank, highlighted the impact of new technology on increasing vulnerabilities to fraud. “With the introduction of new technology over the last several years, small businesses are some of the many that have fallen victim to fraudulent activity,” he stated. Walters emphasized the importance of having a robust plan to combat fraud.

Beyond fraud, the survey identified other significant economic challenges expected in the coming months. High overhead costs, delayed payments from clients, and fluctuating revenue were among the top issues. 

Despite these challenges, small businesses remain optimistic. Sixty-five percent of small business owners feel conf

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