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.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the Telecompaper website, they in no way represent the opinion of Telecompaper.