Business owners increasingly worry about payment fraud, survey finds

FILE - People working at a gelato shop serve customers in New York on February 18, 2024. Small businesses are increasingly concerned about payment fraud according to a survey from regional bank KeyBank. That's according to a small business survey from regional bank KeyBank. Nearly 2,000 small-to-medium size business with annual revenue of less than $10 million were surveyed.The top concern among survey participants was payment fraud of various types.

“With the introduction of new technology over the last several years, small businesses are some of the many that have fallen victim to fraudulent activity,” said Mike Walters, President of Business Banking at KeyBank. He stressed the importance of owners having a plan in place to combat fraud. Aside from fraud, the survey found that the top three anticipated economic challenges in coming months include high overhead costs, delayed payments from clients or customers, and fluctuating revenue. But businesses remain confident in their ability to weather challenges, with 65% of small business owners saying they feel confident they could fund their operating expenses for one month with their cash reserves if an unexpected need arose.

Small business owners' “resilience is a testament to years of weathering financial uncertainty, and with their confidence remaining strong, they’re able to power through the last leg of inflation and keep themselves on track for economic growth,” Walters said. Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Real People, Real Business, Real Solutions: the NYC Small Business ExpoAneesa knew what all entrepreneurs know: starting a business anywhere is hard, let alone in New York City. But she also knew where to find help—and that’s
Source: amNewYork - 🏆 336. / 59 Read more »

Funding Options For New Entrepreneurs And Small Business OwnersI’m the author of the children’s book series The Happy Habits Club, which helps kids find their happy. Additionally, I’m a working model, international speaker, author and founder of Ready2Roar. For the past 6 years, I’ve studied how individuals pivot in their careers.
Source: ForbesWomen - 🏆 477. / 51 Read more »

Small Business FundingThe most important stories for you to know today
Source: LAist - 🏆 606. / 51 Read more »

Rock Hall to hold event next Tuesday for minority contractors, small business ownersReporter at News 5 Cleveland
Source: WEWS - 🏆 323. / 59 Read more »

Small games of chance in Pa. may be big business, but social clubs want bigger payoutsA number of bills seeking to modernize Pennsylvania's small games of chance law have been offered and could receive consideration this month as part of the horsetrading that occurs during budget negotiations.
Source: PennLive - 🏆 463. / 53 Read more »

Lego robberies in southern California have small business owners on edgeIn the last two months, 6 Bricks & Minifigs stores have been broken into and robbed in southern California. Phoenix store owners have taken notice and preventative measures.
Source: FOX10Phoenix - 🏆 83. / 68 Read more »