Rising Payment Fraud Concerns Among Small Businesses: KeyBank’s 2024 Survey Findings

And I included a few nuggets of information that may prove useful.

According to the information, private equity firms are increasingly buying out poorly performing 2021 IPOs, offering a way for shareholders to salvage their investments and CEOs to receive lucrative compensation packages. These buyouts typically involve all-cash deals, quick cash infusions for CEOs, additional shares in the private company’s upside exit value, and tax advantages. Squarespace’s recent deal with private equity firm Permira serves as an example of this trend.

From Small biz Trends, Small business owners are increasingly concerned about payment fraud, unauthorized transactions, and fund transfers, according to KeyBank’s 2024 Small Business Survey. Other fraud concerns include identity theft, malware and ransomware attacks, phishing, and email scams. Small businesses are often targeted due to limited resources compared to larger firms. Owners need to have a plan in place and dedicate resources to prevent these threats.

Also, according to Small Biz Trends, Many cities in the U.S. are experiencing high vacancy rates in retail and office spaces, creating opportunities for new businesses to secure commercial space at discounted prices. Cities like San Jose, Chicago, Santa Monica, and Boston have significant vacancy rates, while others like New York City are experiencing rebounds. Lower vacancy rates benefit communities and consumers, leading to more vibrant shopping districts.

I didn’t have a theme specifically here, but did want to note each.

The MSP market keeps focusing on IPOs of software vendors.   It’s important to remember that is a much rougher road than previously.

With all the talk of cybersecurity, how much is linked back to fraud?    This seems like a missed opportunity.    

Finally, there may be some opportunities here in changes to the real-estate market.   Companies moving into these vacant spaces will likely need IT infrastructure setup, cybersecurity measures, and ongoing IT support. Providers should monitor these real estate trends and consider partnerships with real estate firms or local business development organizations to position themselves as preferred IT service vendors for new tenants.