Financial institutions are facing growing challenges in protecting their business customers against fraud loss. According to Nasdaq’s 2024 Global Financial Crime report, fraud scams and bank fraud schemes were responsible for $485.6 billion in global losses last year. In the Americas, check fraud accounted for nearly 80% of total global check fraud losses, highlighting the growing threat of check fraud in the United States.
Often, larger corporate customers have the infrastructure to adapt internally, but without the assistance of financial institutions, the small business market segment remains vulnerable. Institutions can assist their business customers by implementing innovative solutions that tackle fraud prevention. For instance, institutions can partner with a third-party provider that helps deliver a comprehensive set of Treasury Management solutions with fraud detection and prevention capabilities for commercial and electronic payments.
Other potential solutions that banks might consider include:
By providing an integrated suite of positive pay, account reconciliation, teller validation, and remote official check printing applications, financial institutions can combat most check fraud schemes.
For more information, download our white paper: “Protecting Business Customers from Fraud”