KeyBank's Small Business Survey: Tackling Payment Fraud and Building Community Resilience

Preventing fraud remains a constant priority for small business owners, who actively monitor evolving tactics and implement measures to thwart potential attacks. According to KeyBank’s 2024 Small Business Survey, payment fraud ranks as the top concern among small business owners, with issues such as unauthorized transactions and electronic fund transfers being cited by 44% of respondents. Following closely are concerns about identity theft (37%), malware and ransomware attacks (28%), and phishing and email scams (27%). 

As technology advances, small business owners must remain vigilant to safeguard their enterprises from information theft and payment fraud. Falling victim to scams can have enduring consequences for a business, affecting profits and customer relationships. KeyBank offers advice to business owners on enhancing business security and managing risks. 

Mike Walters, President of Business Banking at KeyBank, emphasizes the importance of preparedness in the face of evolving fraudulent activities. KeyBank is committed to providing resources to assist businesses in their operations. 

Small businesses play a vital role in local communities, contributing to neighborhood culture and providing employment opportunities. KeyBank is dedicated to supporting low-to-moderate income (LMI) communities and facilitating access to capital for local businesses. In 2023, KeyBank provided $267.7 million in small business lending to LMI communities and facilitated 69,000 loans through the Paycheck Protection Program (PPP) in 2020 and 2021, delivering over $11.2 billion in essential funding to small and mid-size businesses. 

As a leading Small Business Administration (SBA) lender, KeyBank has extended over $4.5 billion in small business loans and lines of credit. Recently, KeyBank received its 11th consecutive "Outstanding" rating from the Office of the Comptroller of the Currency (OCC) in its Community Reinvestment Act (CRA) exam. 

Click here to know more about KeyBank’s opportunities and programs for your small business.