Businesses are getting hit hard by online fraudsters and they're moving their business because of it, according to a new report.

The 2011 Business Banking Trust Study by the Ponemon Institute of Traverse City, Mich., in partnership with Guardian Analytics of Los Altos, Calif., gathered information from 533 executives and owners of U.S. businesses in February.

The study found that 56% had experienced fraud in the past 12 months and 61% of them said they had been victimized more than once. Online account takeover or fraud accounted for 75% of the incidents.

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