Only One-Third of Businesses Are ‘Very Satisfied’ With Their Current Cybersecurity Defenses

Only 32% of businesses are “very” or “extremely” satisfied with their current anti-fraud methods, according to “Risk And Resilience,” a PYMNTS and TreviPay collaboration based on a survey of 150 executives at companies with $10 million to $1 billion in annual revenues.

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Another 41% of businesses are “moderately” satisfied with their current digital identity verification and fraud prevention methods, while 27% are “slightly” or “not at all” satisfied.

Businesses are significantly more satisfied with automated anti-fraud solutions than with manual ones.

In fact, 49% of those using digital fraud solutions that are proactive and automated are “very” or “extremely” satisfied, compared to just 17% of those with solutions that are proactive and manual.

Similarly, 50% of businesses using solutions that are reactive and automated are “very” or “extremely” satisfied, compared to only 19% of those with solutions that are reactive and manual.

The differences between the satisfaction levels of businesses using proactive methods and those using reactive methods are far narrower, separated by only one or two percentage points.

Thirty-one percent of businesses using proactive and automated fraud solutions use a payment card verification service. Twenty-one percent use an automated alert for transaction anomalies, 15% use automated web monitoring and 13% use payments innovation.

Smaller shares of businesses with proactive and automated fraud solutions use automated underwriting systems, address verification services, document and identity authentication, purchase amount filters and solutions from third-party providers.

While businesses adopting automated anti-fraud solutions show higher rates of satisfaction, there is still room for improvement.

As business-to-business (B2B) eCommerce sales increase, organizations face two types of financial risk: fraud and the hesitance to expand due to fraud that limits growth.