A new Javelin Strategy & Research report, 2011 Small Business Owners (SMBO) Identity Fraud Report: How SMBO Fraud Rates Impact FI Revenues and Retention,” describes the higher rates of fraud faced by small business owners (SMBOs) today, including unique online security challenges. By sharing effective anti-fraud solutions with SMBOs, FIs and credit card issuers can also create revenue opportunities and reduce client churn. The report outlines the steps SMBOs can take in partnership with financial institutions (FIs) and credit card issuers to combat and prevent online fraud.
SMBOs are an attractive target for fraudsters because they conduct a myriad of transactions that often span both business and personal accounts. As small businesses, they are vulnerable in areas that fraudsters can exploit, namely, the lack of a dedicated IT staff to monitor and protect online operations and less formalized processes around security practices and credit card transactions. This creates opportunities for security breaches and risks for inadvertently releasing personal data.
See full Press Release.
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