Small businesses are increasingly worried about payment fraud, according to a recent survey conducted by KeyBank. The survey included nearly 2,000 small-to-medium-sized businesses with annual revenue of less than $10 million. The top concern among participants was payment fraud, with worries about unauthorized transactions, identity theft, malware and ransomware attacks, and phishing and email scams.
Despite these concerns, small business owners remain confident in their ability to weather economic challenges. According to the survey, 65% of small business owners feel confident that they could fund their operating expenses for one month with their cash reserves in case of an unexpected need. This resilience and confidence are key factors that enable small businesses to power through economic uncertainties and continue on the path to growth.
Mike Walters, President of Business Banking at KeyBank, emphasized the importance of small business owners having a plan in place to combat fraud. He noted that with the introduction of new technology, small businesses have become more susceptible to fraudulent activity. In addition to fraud, the survey identified high overhead costs, delayed payments from clients, and fluctuating revenue as the top anticipated economic challenges in the coming months. Despite these challenges
