BILL: How Rising Rates of Fraud Impact Business AI Adoption

A survey of 1,000 business leaders reveals a widening gap between established companies embracing artificial intelligence and newer businesses showing scepticism towards automation technologies. 

The research, conducted by financial technology company BILL, found that fraud attempts have increased for 56% of respondents over the past year, with 42% noting attacks have become more sophisticated.

The paradox facing businesses centres on AI's dual role in the fraud landscape. Bad actors use artificial intelligence to develop more sophisticated attacks, while companies deploy the same technology to strengthen detection and prevention systems. This creates what BILL describes as an "innovation battle" with AI at the centre.

René Lacerte, CEO and Founderr of BILL, says AI influences every decision business and finance leaders make. 

"The data shows us that leaders and executives are not satisfied with the status quo when it comes to running and growing their businesses," Lacerte says.

The survey found 92% of respondents worry about fraud, yet only 16% of businesses less than one year old indicate concern about fraudulent activity. 

This creates a vulnerability window for new companies that may lack enterprise-level security measures whilst becoming attractive targets as they grow.

Established firms lead adoption race

Companies operating for over 20 years show greater enthusiasm for AI implementation than their younger counterparts. 

Among businesses with more than two decades of operation, 62% expect AI will enhance marketing efforts and 70% believe it will strengthen financial forecasting. This compares with 47% of businesses under five years old expressing similar confidence.

The research suggests established businesses view AI as necessary rather than novel. These companies often have more complex operations requiring sophisticated solutions, driving their openness to new technologies.

Businesses plan to deploy AI across multiple operational areas. The technology will support customer service improvements, financial forecasting accuracy, and marketing campaign effectiveness. Leaders recognise AI provides essential support needed to scale operations without proportional increases in administrative overhead.

The shift from manual to AI-powered processes represents more than technical updates. Business owners and finance leaders can redirect time and energy toward growth-driving activities as AI eliminates routine tasks.

Economic uncertainty drives strategic recalibration

Companies are adopting varied approaches to maintain resilience amid economic uncertainty. The strategies appear strategic rather than reactionary, with businesses factoring long-term growth and market positioning into decision-making processes.

Smaller businesses with 20 or fewer employees are more likely to absorb costs and explore new markets. 

Larger organisations show stronger tendencies toward operational adjustments, with 28% of companies employing 201 or more staff planning to renegotiate vendor contracts compared with 15% of smaller businesses.

Businesses resist raising prices when facing tariff uncertainty. Instead, they explore multiple avenues to maintain price competitiveness while protecting margins. 

Companies are diversifying suppliers and adjusting product offerings rather than implementing universal price increases.

The approach combines tactical adjustments like supplier diversification with strategic shifts in market focus. Rather than cutting costs across operations or raising prices universally, businesses take targeted approaches to navigate economic headwinds.

Paper dependency costs mount

Manual processes and paper dependency remain embedded across organisations, creating inefficiencies and costs. Three-quarters of respondents described the past tax season as problematic, with larger organisations facing more complex barriers to digitisation.

Half of businesses employing 501 to 1,000 staff report that eliminating paper receipts would cause significant operational disruption, compared with 24% of sole proprietors. 

Despite challenges, 90% of businesses believe complete paperless operations within five years are realistic, with one-third planning full digitisation within 12 months.

Cash flow visibility presents another operational challenge. Almost two-thirds of businesses cannot access current cash positions on demand, with one in five requiring days or weeks to obtain this information. The lack of real-time financial data forces leaders to make decisions based on incomplete or outdated information.

Multiple banking relationships create barriers to cash visibility for more than one-third of businesses, while 29% cite current technology limitations of financial software as impediments.

Accounting talent shortage pressures operations

The accounting industry talent shortage has evolved from a periodic concern to a year-round operational issue. Some 77% of businesses worry about rising accounting service costs, whilst 60% may handle additional work internally.

Despite concerns about future challenges, businesses maintain positive relationships with accounting professionals. The majority describe healthy current relationships with their accountants, viewing these partnerships as essential for planning and success.

"SMBs want and need AI and automation that helps them solve real problems, with real data and in real time," Lacerte says.

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