We use cookies to offer an improved online experience and offer you content and services adapted to your interests. By using our website or clicking “Accept”, you are agreeing to our Cookie Policy. If you do not wish to allow cookies please disable them in your browser settings. Cookie consent.

Payment fraud: UK companies hit harder, losing more, recovering less

June 19, 2019

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.

Read Article