87% of UK businesses say they are unable to recover more than half of their payment fraud losses. Moreover, the figure rises to 93% among small and medium businesses.
The UK average financial loss through fraud sits at £240,092. The majority of payment fraud losses have increased from the £10,000-£49,000 bracket in 2018 to between £50,000 and £250,000 in 2019.
The statistics revealed in Bottomline’s fourth annual Business Payments Barometer.
The report reveals that external cyber fraud continues to draw the most concern. 78% of respondents are concerned either ‘a fair amount’ or ‘a great deal’ about such an attack impacting their business.
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