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Risk

3/15/2010
10:50 AM
Keith Ferrell
Keith Ferrell
Commentary
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More Than Half Of SMBs Hit By Online Bank Fraud Last Year

Some scary figures from a new Ponemon/Guardian Analytics study of SMB online banking fraud find that more than half of the 500+ businesses surveyed got tagged by fraud, and more than half of those were not fully reimbursed for their losses.

Some scary figures from a new Ponemon/Guardian Analytics study of SMB online banking fraud find that more than half of the 500+ businesses surveyed got tagged by fraud, and more than half of those were not fully reimbursed for their losses.More than half of SMBs were hit by online banking fraud in the last year, according to a new Ponemon Institute/Guardian Analytics SMB banking trust study of more than 500 SMB owners and executives.

Insult to injury: of those tagged by banking frauds, 57% were not fully compensated by the bank for their losses, and more than quarter received no compensation at all.

Little wonder that 40% of the businesses that experienced banking fraud changed banks. (Actually, I'm surprised the figure's that low.)

More scary stuff from the study:

80% of banks didn't catch the fraud until after the funds were gone

87% of the incidents resulted in less than full recovery of the stolen funds

Any of this sound familiar to you and your bank? Or should that be your former bank?

The complete Guardian Analytics/Ponemon Institute 2010 Banking Trust study can be downloaded here. (Registration required.)

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