In a recent survey conducted by KeyBank, payment fraud emerged as the top concern among small-to-medium size businesses. Nearly 2,000 businesses with annual revenue of less than $10 million participated in the survey, with over 40% citing unauthorized transactions or electronic fund transfers as their biggest worry. Additionally, more than 35% were concerned about identity theft, while nearly 30% cited malware and ransomware attacks as their biggest fear.
Mike Walters, President of Business Banking at KeyBank, highlighted the growing threat of payment fraud and emphasized the need for small businesses to have a plan in place to combat it. With technological advancements making small businesses more vulnerable to fraudulent activities, Walters urged business owners to be proactive in protecting their financial assets.
The survey also identified high overhead costs and delayed payments from clients or customers as the top anticipated economic challenges for small businesses in the coming months. Despite these challenges, over 65% of small business owners expressed confidence in their ability to fund their operating expenses for one month using their cash reserves in case of an unexpected need.
Walters praised small business owners for their resilience and ability to remain optimistic about future economic growth despite current uncertainties. He encouraged them to continue working hard and implementing effective strategies to overcome any obstacles that may arise along the way.