A recent study by Visa found that more than 40% of small and medium-sized businesses (SMBs) in the UK have experienced fraud, losing an average of £3,808 each in the past year. This poses a serious financial challenge for the 5.6 million SMBs, which make up 99.9% of all businesses in the UK.
Visa surveyed 1,000 SMB leaders and discovered the most frequent types of fraud include bank account hacks, invoice scams, and phishing attempts. Beyond the money lost, businesses reported feeling less trusting towards other parties, and many said their mental health suffered, with 20% stating that fraud impacted their ability to make decisions.
The impact of fraud goes beyond just individual businesses; it also affects consumers. A different survey by Visa showed that nearly half of UK shoppers believe that transaction security is just as important as price when choosing where to shop.
To support SMBs, Visa has created a digital toolkit to help them recognize and fight different types of fraud, from common phishing scams to less obvious ones like chargebacks and skimming. Mandy Lamb, Visa’s managing director, highlighted the company’s commitment to protecting small businesses, ensuring they can compete effectively with larger companies in the online market.
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