Tier 1 financial institutions command much of today’s small and medium-sized business banking market with about two-thirds of those primary relationships, according to a Raddonstudy. However, those businesses expressed a readiness to switch to other institutions, such as credit unions, for better services. Adding fraud risk prevention as a business banking service could help steer SMBs to credit unions.
Fraudsters present an ongoing threat to businesses. Scammers typically try to take advantage of new authentication measures, leaks at firms, social media-related data exposures and natural disasters, such as tornadoes, hurricanes, floods, fires and, of course, pandemics.
Developing an increased awareness of the types of fraud schemes threatening business accounts is an important part of mitigating and lowering the risks they pose.
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