As retailers, manufacturers and marketplaces have adopted digital tools to make it easier for B2B buyers to pay online, 98% of them have experienced financial losses due to fraud attacks in the last year. The problem of business identity theft and fraud is not going away. In fact, the volume of fraud attacks increased by more than 150% in 2021 alone.1
TreviPay collaborated with PYMNTS to produce the ‘Risk and Resilience: The Business Identity Theft Report’, which examines how fraud inhibits B2B business growth. It reveals how businesses are finding innovative ways to protect themselves from revenue loss as they scale. The study, which was conducted in November 2021, was based on the responses of 150 executives at B2B companies generating $10 million to $1 billion in annual revenues.
Fraud continues to increase and, with this in mind, we have compiled a checklist to help you evaluate the level of exposure your business currently has in relation to fraud risks.
Discover the risk and resilience score of your business by taking our free B2B fraud prevention assessment below!
1Author unknown. Global Cybersecurity Outlook 2022. The World Economic Forum. 2022. https://www.weforum.org/reports/global-cybersecurity-outlook-2022. Accessed January 2022.