58% of SMEs believe that the impact of modern-day payments fraud on their business would be minimal and that they would lose only a small amount of money, according to a new report from Vocalink Analytics. This is despite recent Action Fraud figures showing that the total amount lost by SMEs to fraud in the UK was estimated at a staggering £18.9 billion. 

The Vocalink Analytics Small Business Fraud Report also reveals that over a third of businesses have not even heard of the various types of payment-related fraud in the UK such as invoice redirection, mandate and CEO fraud.