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Digital Identity, Security & Online Fraud

Vocalink report shows business fraud is high in Australia

Monday 27 May 2019 | 10:28 AM CET

While a large number of Australian businesses believe payments-related fraud is a big issue, they have not made any changes as a result, according to Vocalink’s report.

The annual Vocalink Services Business Fraud Report canvasses Australian entrepreneurs, business owners, managers and directors on their response to, and experience of, the different types of payments fraud. Lack of time and money to train staff was cited as one main reason.

Moreover, the research shows that 39% of business owners have either been a target of attempted payments-related fraud, or know a business which has, and lost thousands of dollars in the process. 14% of owners contemplated closing their business as a result.

32% of Australian businesses admit that they are unaware of mandate, invoice redirection and CEO fraud, which counts for over 800,000 businesses (out of a total 2.6 mln in Australia). Also, 19% of Australian CEOs and entrepreneurs who have had to deal with the fall-out from crippling payments fraud cited problems with their relationships with family and friends as a result.

More: Link
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