Fraud Prevention Checklist for Small Businesses

Internal bank fraud accounts for more than $1 million in annual losses. And this doesn’t include account holder information that’s stolen or the cost of reputational damages to financial institutions. Fortunately, there are several steps that banks and credit unions can take to limit it.

With all the complexity involved, how are FIs supposed to fight fraud while still providing the personalized customer experience today’s account holders have come to expect?

While debit and credit card fraud is a growing concern, check fraud losses are still a big deal – they account for 32% of overall losses, industry-wide – with counterfeit checks leading the way.