88% of UK businesses say cyber fraud drove payment fraud
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Cyber fraud in the U.K. was analyzed in a recent report by Trustpair. The report found that 93% of companies were targeted by fraud in the past year, with 73% expecting risks to grow in 2025.
Nearly 48% identify cyberattacks as their biggest hurdle in fraud prevention. While 94% of businesses increased their investment in fraud prevention technologies last year, reliance on reactive methods like manual checks and training leaves companies vulnerable to evolving tactics.
Nearly 88% of UK businesses identified cyber fraud as a significant driver of payment fraud. For 21% of businesses that suffered successful fraud attacks, the average loss per incident was £500,000. Despite 94% of companies increasing their technology budgets, only 33% have automated fraud prevention systems in place.
While 97% of executives believe their teams can identify advanced fraud tactics, the rising number of successful attacks suggests overconfidence in outdated defenses. Bridging this gap requires adopting more proactive, technology-driven solutions.
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