Small businesses challenged by fraud on top of a difficult macroeconomic environment

Small business owners reported using specific methods to stay ahead of threats: multi-factor authentication (44%), transaction notifications (39%), and fraud alert services from credit bureaus (39%)

Small business owners business owners have a generally positive attitude toward AI-based fraud protection at 69%.

40% of small business owners have experienced AI-driven fraud personally.

74% of small business owners are more likely to reduce their banking engagement, such as credit card use or bank use, if defrauded.

50% of small business owners owners report that their financial institutions use AI-powered fraud detection tools.

Small business owners reported a higher ability to fully recover from fraud (83%) compared to non-owners (74%).

85% of small business owners said they are extremely, very, or moderately concerned about rising AI-driven fraud.

85% of small business owners report satisfaction with their bank or credit union’s response to fraud.

37% of small business ownershave had checks stolen from mailboxes, indicating check fraud is a challenge.

More than 57% of small business owners (SBOs) have experienced fraud.

Only 16% of small business owners feel extremely prepared against fraud.