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Fighting fraud—check out the financial tools that can help

Protect your assets

In Q1 2022 Truist conducted nationwide research with 522 small business owners. We covered a lot of topics—one being fraud. So here we’ll discuss what we learned, plus share financial tools and other ways to help protect yourself from fraud.

Small business owner concern about fraud has continued to climb over the past two years—for good reason. In 2021, the number of businesses experiencing fraud rose 64% in a single year.1

Financial fraud—wire, check, and credit card fraud—is the most common, but cyberfraud, led by malware, phishing, and Business Email Compromise (BEC), has been growing annually at a 16% pace.1

Boost your fraud defenses

Steps to defend against fraud range from employee education to digital defenses. But some of the most valuable are tools provided by your financial partners. Check out our chart to see how.

Fraud concern Details Financial tools Outcomes
Exposure to check fraud
  • Checks are #1 in fraud attempts2
  • Check and payment tampering is 4X higher in small businesses3
  • 66% of small businesses surveyed experienced check fraud1
Online bill payment

Online payroll services
  • Reduces the opportunity for check stock to be stolen
  • Decreases the possibility of issued checks being altered
  • Converts many of your payments to vendors and staff to electronic payments
Wire transfer fraud
  • #3 in fraud attempts2
  • 32% of companies targeted noted wire fraud2
Secure online banking transfer options that are user ID and password protected
  • Provides electronic transfers between your company's accounts
  • Transfters funds to other institutions using your choice of secure methods
Account fraud
  • 21% of small businesses have experienced fraud in the past 2 years1
  • 39% actively monitor account balances and transaction status1
Online bank statements
  • Reduces the opportunity to have checking account data compromised through statement theft
  • Paid check data can be integrated easily into accounting systems for account reconcilement
Internal theft 76% of fraud was initiated internally with an average cost of over $40,000.1

Types of fraud:3
  • Skimming – 9%
  • Cash on hand – 7%
 Merchant services4
  • Offers an efficient electronic payment alternative to reduce the amount of cash on hand
Types of fraud:3
  • Check tampering – 10%
  • Expense reimbursements – 7%
 Business debit and credit cards
  • Provides controlled access to company funds for business expenses
  • Businesses can set transaction and account maximums for control over individual employee spending
  • Enhances control with management tools and reporting
Cyberfraud
  • 19% of small businesses have experienced cyberfraud1
  • 67% of small businesses say they are concerned about cyberfraud, but only 13% of small businesses state that they have cyber insurance1
 Crime insurance and/or cyber insurance5
  • With proper security controls and certain best practices, businesses can look to crime and/or cyber insurance to help fund losses when covered incidents occur6

Let’s fight fraud—together.

Looking for help fighting fraud? Work with your local Truist banker to find ways we can help protect you and your business.

1 Truist conducted research with 522 small business owners ranging from $100,000 to $2,000,000 in annual revenue in the first quarter of 2022. Multi-year trends are based on a survey of 527 small business owners conducted in Q1 2021 and a survey of 529 small business owners conducted in Q1 2020.

2“2022 AFP Fraud and Control Survey Report,” Association for Financial Professionals, 2022.

3 “Report to the Nations: Global Study on Occupational Fraud and Abuse,” Association of Certified Fraud Examiners, 2022.

4Merchant services are subject to business type and credit approval.

5 Insurance products are offered through McGriff Insurance Services, Inc., a wholly owned subsidiary of Truist Insurance Holdings, Inc.

6 Insurance policies vary considerably.  Always review full policy terms and conditions and consult with a licensed insurance agent or broker for more information.

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