Fraud costs UK SMEs billions per year
The average price of fraud to small companies is £3,450 annually. More than a third (35 per cent) of businesses have experienced fraudulent activity in the past year, according to a study by Sage Pay.
Despite 55 per cent of consumers citing security as their top priority when it comes to payments, almost a third (32 per cent) of businesses don’t spend any money on fraud prevention. This is despite the average annual investment on fraud prevention of £1,881 being around half the average cost of fraud.
Some of the tools and checks that come as standard with payment gateways aren’t actually being used, with less than a quarter (22 per cent) using CV2. Meanwhile 21 per cent of businesses use in-house experts to tackle fraud.