With the swift digital transformation that occurred over the last few years, businesses have had to adapt to stay competitive and keep up with customer expectations. As a result, for some, putting in place additional identity verification and fraud detection solutions fell by the wayside. Fraudsters capitalized on this.

Experian’s 2022 Global Identity and Fraud Report found that more than 70% of businesses – the highest percentage ever – say that preventing fraud is their top concern. If lenders are not putting the right measures in place now to protect themselves and the businesses they serve from fraud, the problem may grow into a more difficult situation to manage as fraud goes undetected and it becomes harder to recoup losses.

This creates a challenge for banks to ensure that businesses get access to the capital they need to mitigate fraud while still providing an optimal customer experience. Banks can achieve this balance by using innovative data and technology to properly verify identities and detect fraud in real time in order to drive current and future portfolio growth.

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https://www.bai.org/banking-strategies/mitigating-commercial-fraud-risk-without-limiting-growth/