Payments industry influenced by the need of greater cyber-security measures

The report called UK Business Payments Barometer: Payments for a new economy is an annual report that surveys over 400 financial decision makers including business owners and CFOs – from small businesses to enterprises employing over 10,000 employees.

The worry over internal fraud has experienced a significant 138% relative year-on-year increase. Over one third of financial decision makers expressed concern over fraud committed by internal staff, compared with just 13% in 2016. However, external fraud remains a bigger concern for financial decision makers in 2017, with 56 % of respondents naming external cyber fraud as a concern – compared to 37% in 2016.

The report also found that of those financial decision makers that were certain they had been impacted by fraud (12%), 17% estimated that 10% or more of their company’s revenue had been affected – down from 36 % from 2016. While the number of companies experiencing over 10% of revenue impacted by fraud is on decline, the report suggests that more businesses could be falling victim to smaller, parasitic frauds. 68% of respondents claimed that up to 10 % of their company’s revenue had been affected – a 28% increase from 2016.

Most concerning is that 56% of respondents simply did not know whether they had been impacted by finance fraud or not.