Why do fraudsters target small businesses?
Why fraudsters target small businesses
In a traditional brick-and-mortar store, you know how to prepare your staff and protect your store from theft and fraudulent activity. But with an online business, the stakes are greater.
eCommerce opens up a variety of opportunities for fraudsters to exploit your customers, and this can have far-reaching effects. According to a recent report by Cisco and the National Center for the Middle Market, 60 percent of small businesses that are hacked go out of business within 6 months1.
That’s where Advanced Fraud Detection Suite can help. It’s a simple, yet powerful fraud solution with 13 configurable filters to help prevent fraud.
Why do fraudsters target small and medium-sized businesses?
Fraudsters are strategic opportunists. They know how to find weak points in business systems to gain access to their targets. Cybercriminals constantly adapt to uncover new opportunities. And they know that smaller, independent businesses are less likely to have robust protection and fraud prevention tools in place.
With that in mind, it isn’t surprising that 43 percent of cyber attacks target vulnerabilities within small businesses2. Yet many small to mid-sized businesses say payment fraud is not a big concern. 48 percent think they’re too small to be noticed and 58 percent think they are less susceptible than large business3.
The reality is that many small businesses don’t have visibility into transactional data, comparative data, or data validation required to ensure transactions are genuine.
To identify and prevent cybercrime, you need automated tools that can help catch fraud as it happens. Combine the right tools with more proactive human oversight and now you’re on your way to a fraud management strategy.
Establishing a fraud management strategycan be intimidating and daunting.. But we’re here to support you and help you with the foundational resources you need to get started.
Want to know if Fraud Management Essentials is right for your business?
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