With so many different aspects of running a business to juggle, staying on top of fraud can fall by the wayside, leaving the business in a vulnerable state.
To help you save time, we surveyed 1,000 consumers and businesses to get their opinion on the key factors impacting payments, including fraud, payment methods and security. Here’s what you need to know:
- Security is the number one issue for consumers, above cost and convenience.
- Over half of our survey respondents think payment security has increased significantly, but 70% say they still have security concerns when paying online.
- Nearly three-quarters of all fraudulent scams were targeted at small and medium-sized businesses.
- Perceptions of different payment options are clearly linked to perceptions of security. The most preferred payment methods are debit or credit cards and PayPal, which are thought to be the most secure, according to our research.
- Almost two-thirds of our consumer respondents would not trust any social media platform for making a payment.
- About 12% of consumers said they had experienced online fraud in the last 12 months. The average amount lost was almost £4,000 – nearly double the amount from last year, which was £2,169.
- Sixty percent of the businesses we surveyed are concerned about cyber security, and about a third say they’ve suffered customer fraud in the last year.
- The average loss due to fraud for businesses is £17,864 – triple the amount lost last year.
- A quarter of surveyed businesses don’t invest in fraud protection tools at all.
- In 2015, CV2 (the additional three or four-digit security key that’s usually found on the signature strip on the back of a debit/credit card) and in-house experts were the most popular ways for companies to protect themselves.
- 3D Secure is the most-used fraud deterrent in 2016.