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Despite the growth of the global economy and the ability to buy anything from anywhere online, supporting local, family-owned small businesses has become more popular than ever.
More than ever before, family-owned small businesses are at risk of becoming extinct due to the growth of fraud.
Family-owned small businesses are the backbone of the American economy.
64%
Of U.S. gross domestic product can be attributed to small to medium-size family owned businesses.1
62%
Of employed Americans work for a family-owned business.1
Family owned businesses make up the largest part of the American Economy.
Fraudsters are taking advantage of the fact that more small businesses are using technology and jumping into eCommerce to drive growth and generate more sales.
Attacks were on SMBs in 2011
Attacks were on SMBs in 2015
2X
In the past 5 years, the number of fraud attacks on small businesses has more than doubled.2
The amount of fraud being carried out against small business is growing rapidly.2
One in five small businesses fall victim to cybercrime each year.3
$9,000
Average cost of a single fraud attack on a small business.4
Fraudulent activity against small businesses is common and costly.
It doesn’t matter how small or big your business is, if you use technology to manage payments then you’re a target for fraud.
59%
In 2015, over half of all U.S. based small to medium-sized businesses lack a plan for responding to and reporting data breach losses.5
25%
Of all small businesses don’t believe their business is a high value target for criminals, and assume they are not at risk.6
Every business, large or small, needs to be concerned about fraud – it’s an expensive and growing problem.
Because many small businesses often only have one computer that runs their POS system, and often don’t set up adequate defenses, they are more vulnerable to attacks.7
The majority of fraud is targeted at stealing customer credit card data.8
Amount of retail fraud that comprises data stolen from mag stripes at POS terminals at the time of sale.8
Projected amount of fraud in 2018 from card-not-present transactions. As eCommerce grows, fraud will shift from in store to online.9
Credit card fraud is a common problem for small business.
Unfortunately, the majority of small and family owned businesses don’t believe they can afford to put strong cyber security defenses in place. However, by implementing simple policies and taking advantage of First Data’s suite of security products for small and medium businesses, they can lower the risk of fraud, increase profits and, at the same time, give themselves and their customers greater peace of mind.
31%
Average percentage of customers who will not go back to a business where they have had a fraud experience, regardless of fault.10
60%
Of small businesses go out of business within 6 months of fraud attack.4
70%
Of first-generation family businesses close before they can be passed to the 2nd generation.1
Don’t risk losing your family business due to fraud, instead implement processes and solutions that will help you reduce risk.
First Data partners with family businesses to manage transactions more efficiently, strengthen customer privacy protections and reduce fraud losses. Our security and fraud solutions not only help protect against data exposure; they also help you detect fraud earlier to keep your business safe.
Connect with First Data:
Call: 866-965-8330
Sources: