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Digital Identity, Security & Online Fraud

Bottomline Technologies launches report on UK businesses fraud

Monday 4 June 2018 | 01:55 PM CET

Bottomline Technologies has launched the third edition of its annual report "UK Business Payments Barometer: Payments For a New Economy".

The report surveyed 400 financial decision makers across the UK, revealing that while the number of companies that experienced fraud had declined somewhat from the prior year, fraud remains a major concern. Two thirds of businesses impacted by fraud recover less than half the loss.

"The impact of fraud continues to be significant," says Ed Adshead-Grant, General Manager, Payments, Bottomline Technologies. "Anti-fraud protection measures seem to be working, and companies are getting more intelligent about managing their operations. However, the real cost of fraud remains -- with investigations expensive and full recoveries elusive."

According to the Barometer Report, almost 15% of respondents were impacted by fraud in the past year. 44%  said they are confident that their organisation had not been a victim of fraud (up 11% from 2017) and a little more than 41% were unsure. These findings reflect the increasing effectiveness of anti-fraud protection measures.

The survey results showed that of those affected by fraud, most were unable to calculate how much money they lost. The most common answer (at 27%) was between GBP 10,000 and GBP 50,000. Nine percent lost between a quarter of a million and a million pounds, while 2% lost more than GBP 1 million.

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