Huge increase in online theft from Small Businesses

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Full article here: Click – USA Today

Summary:

  • 55% of businesses reported experiencing fraud in the last 12 months, with 58% enabled by online banking activities.
  • 80% of banks failed to catch fraud before funds were transferred out of their institution.
  • In 87% of fraud attacks, the bank was unable to fully recover assets.
  • 57% of the respondents that experienced a fraud attack were not fully compensated by their banks.
  • 26% were not compensated for any part of their losses.
  • 40% of defrauded businesses moved their banking activities elsewhere.
  • 24% of businesses claim that their banks do not provide a policy explaining the bank’s responsibilities to secure and protect their companies’ accounts from fraud.
  • 39% are unsure if such a policy exists.

"The data is clear – financial institutions’ are failing to protect small and medium business assets," says Terry Austin, CEO, Guardian Analytics. "This is crushing to the SMBs, which are at the heart of our economic recovery."

** Please make sure your small business is protected. Many small businesses are in the position where the CEO or General Manager is also the IT professional and with that comes the lack of time to accomplish all the security items needed in today’s society. Please take the time to make sure you are protected online **

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