Business Resource Center

Business Fraud: What Are the Real Costs?

Eighty-eight percent of small businesses lost $25,000 and 65% lost more than $50,000 in check fraud last year.

Beware of fraudulent checks.

Digital payments are universal, but many businesses still send and receive checks. Paper remittance is perhaps one of the easiest ways to commit fraud and it’s rising again. Last year, Mitek reported that 31% of small businesses were victims of check fraud — 88% lost more than $25,000 and 65% lost more than $50,000.7 It’s important to prevent check fraud if you use this method of payment.

Don’t pay the excessive cost of business fraud.

Fraud is expensive, no matter the size of a business. However, online criminals see small businesses as easy targets, and they are relentless. The cost of fraud reaches far beyond monetary loss. Your reputation is also at stake.

We can help you develop a strategy to protect your business. Simply complete a short form and a Synovus Treasury & Payment Solutions Consultant will contact you with more details. You can also call 1-888-SYNOVUS (1-888-796-6887) or stop by one of our local branches.

Important disclosure information

This content is general in nature and does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.

  1. Identity Theft Resource Center, “2023 Business Impact Report,” October 2023 Back
  2. Ibid Back
  3. Ibid Back
  4. IBM, Cost of a Data Breach Report 2023,” April 23, 2023 Back
  5. Hiscox Cyber Readiness Report 2023: US Small Business Focus,” December 2023 Back
  6. Kaspersky, “Securelist: How Cybercrime is Impacting SMBs in 2023,” June 27, 2023 Back
  7. Mitek, “2023 Mobile Deposit Benchmark Report,” August 2023 Back