Financial risks are stifling growth for UK businesses, Ed Ashead-Grant, general manager of payments at Bottomline Technologies, has said: “Creating an environment of stability involves driving efficiency in your payments and cash management processes. And with unease in the current macroeconomic landscape and the challenging global supply chain, that is vital. No business is exempt.”It’s no wonder, he explained, that one of the biggest challenges faced by today’s financial decisions makers is that of payment fraud and error. According to research from Bottomline Technologies, 69 per cent of financial decision makers are confident in the anti-fraud measures they have put in place. But despite this figure, just over half of them believe revenue has been negatively affected by fraud. The report suggested there was a level of apathy from businesses, accepting that fraud is a cost of doing business, especially when it came to SMEs. Cyber fraud was of particular concern for SMEs, with over half claiming to be “most concerned” by it. This included the external exploitation of internal payments, systems and staff. Other external threats included invoice diversion fraud and CEO fraud – when an email is received which appears to be from an individual or business known to the receiver, but instead has been sent by criminals hoping to exploit the receiver.
Read more on fraud:
- From phone calls to online: Preventing fraud across all business channels
- Avoiding falling prey to risky invoices
- Advice on being proactive to safeguard against fraud in the workplace
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