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ARTICLE · 20 OCTOBER 2016

Fraud Threat To SMEs

Gowling WLG
Gowling WLG
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Gowling WLG

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The Times has recently published an article on fraud affecting small and medium-sized enterprises (SMEs), in which Gowling WLG's Alex Jay was quoted.

CanadaFinance and Banking
Alex Jay
Alex Jay
Sean O'Toole
Sean O'Toole
Andrew Witts
Andrew Witts
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The Times has recently published an article on fraud affecting small and medium-sized enterprises (SMEs), in which Gowling WLG's Alex Jay was quoted.  The article itself draws on research from SAS and the Centre for Economics and Business, which has shown that efficiencies gained by businesses through the use of improved fraud detection tools could total £290 million from 2015 to 2020.

According to Gerry Carr, chief marketing officer at anti-fraud start-up Ravelin, the majority of SMEs do not have their own fraud prevention systems in place and instead they rely solely on the fraud detection provided by their payment gateway. Mr Carr said “The main job of a payment gateway is to validate your customer’s credit card details securely, and make sure the funds are available for the payment and you get paid. As they only typically see the payment page activity, because they simply need to approve or decline a transaction, they are not able to see all the events in the

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