New research from Visa reveals that more than two fifths (41%) of small-medium businesses in the UK have been a victim of fraud, with the average amount lost due to fraudsters in the last year being £3,808.

Bank account hacks (23%), billing and invoice fraud (26%) and phishing scams (24%) were the most common types reported

The survey also found that fraud can have a detrimental impact on SMEs’ ability to grow their business with consumers placing a high premium on security.