With 2020 just a few months away, now is the time for financial institutions to make sure that their business customers’ needs are covered before entering the new year. In fact, AFP’s survey revealed that fraudsters show no signs of stopping when it comes to attacking businesses, with a whopping 80 percent of companies reporting Business Email Compromise (BEC).
According to JPMorgan Chase, small businesses make up 99 percent of America’s 28.7 million firms, powering local communities across the country to thrive. More than ever, financial institutions should be taking measures to protect business customers, like equipping them with actionable treasury management services, to mitigate potential risks. With the large amount of fraud affecting corporate customers, financial institutions are able to provide significant value to this group while also establishing a competitive advantage.