Bottomline reveals the results of its fifth annual Business Payments Barometer

Monday 22 June 2020 14:43 CET | News

Bottomline, a provider of financial technology, has revealed the results of a research conducted in partnership with Ipsos Mori.

The research consisted of an online survey among 800 financial decision-makers in UK. It revealed that 58% of financial decision makers in businesses view financial loss due to payment fraud as ‘part and parcel of running their business.’ Of those surveyed, 81% were unable to recover more than half of their losses caused by fraud, a figure which rises to 88% for small businesses alone.

The number of respondents indicating that fraud impacted their business has dropped from 45% in 2019, to 34% in 2020, with the reduction greatest among large corporates and enterprise organisations, who reported a 22% and 25% drop respectively in fraudulent cases versus 2019. According to the survey, this can be attributed to the fact that big businesses are more likely to use automated payment protection measures.

With COVID-19 related fraud scam cases on the rise, SMBs continue to lose more money over time due to payment fraud – their total losses having increased by 14% and 38% respectively from 2019 to 2020. In comparison, decision-makers at enterprise organisations recorded a 4% decrease in 2020.

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Keywords: Bottomline, financial, technology, Ipsos MORI, UK, payments , fraud, SMBs, Business Payments Barometer
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime