More than half of the small and medium businesses participating in a recent study said they have been victimized by fraud in the past year and 43% said they had moved banking business because of it.
The 2011 "Business Banking Trust Study" by the Ponemon Institute, in partnership with Guardian Analytics, gathered information from 533 executives and owners of U.S. businesses.
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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