Fraud is costing businesses MILLIONS

Fraud Is Costing Businesses MILLIONS

Have you ever stopped to think about how much fraud could be draining from your business, quietly and consistently?

It’s easy to think of fraud as a problem for the big players—the companies with thousands of employees and large security teams monitoring every corner of their operations.

But that’s a dangerous assumption.

Fraud is a growing threat to companies of every size, and small and mid-sized businesses (SMBs) are often more exposed.

Why SMBs Are Prime Targets for Fraud

Why is fraud such a risk for smaller businesses?

Because most SMBs don’t have the same layers of protection, deep resources, or formal cybersecurity training that larger enterprises have in place. They often rely on trust within their teams and established vendors, which can create blind spots.

Criminals know this—and they take advantage of it.

I’m talking specifically about identity fraud. This is when someone pretends to be a trusted contact—like your staff, suppliers, or customers—to steal money, access sensitive data, or infiltrate your systems without detection.

It might look like a fake email from someone posing as your finance manager requesting an urgent payment to a “vendor.” Or it could be a cybercriminal using stolen login credentials to quietly access your business accounts.

How Modern Fraud Happens

The most common entry point for fraud? Stolen usernames and passwords.

It’s an old trick, but it still works, especially with many employees using the same passwords across different tools, or not updating them regularly.

And with modern AI tools, fraud is becoming even harder to spot. Criminals can now fake emails, clone voices, and even create deepfake videos that look and sound like the real people in your organization.

That makes it even easier for them to trick your team into handing over sensitive data or authorizing fraudulent transactions without a second thought.

The Alarming Rise of Fraud Attempts

Recent studies show that around 69% of businesses have reported a rise in fraud attempts.

This means that nearly 7 out of 10 businesses are actively being targeted by fraudsters using advanced tactics, hoping to exploit weaknesses in your identity and payment workflows.

The question isn’t “Will my business be targeted?” but rather, “How prepared is my business when fraud attempts happen?”

The Good News: You Can Fight Back

Here’s the good news: businesses that adopt better identity protection practices are seeing real results. By using tools like biometric logins, device recognition, and AI-driven fraud detection, many companies report significant savings and far fewer fraud-related costs.

Even small improvements can make a big difference in your fraud prevention strategy.

Practical Steps to Reduce Fraud Risks

Start by reviewing your current login and identity verification practices:

✅ Use Strong, Unique Passwords - Are your team’s passwords randomly generated, stored securely, and never reused across different applications?

✅ Enable Multi-Factor Authentication (MFA) - Using MFA—like getting a code on another device to prove it’s you—can stop many fraud attempts in their tracks, even if passwords are stolen.

✅ Regular Fraud Awareness Training - Can your team spot suspicious emails, phone calls, or text messages, thanks to consistent training and examples?

✅ Implement Advanced Detection Tools - Explore modern, AI-driven fraud detection systems that flag suspicious login attempts, new device logins, or unusual payment requests automatically.

✅ Audit Your Accounts - Regularly check who has access to your business tools and financial systems. Remove access for old accounts or unused vendor profiles to reduce risk.

The goal here isn’t to make life harder for your team. It’s to build smart, people-friendly security practices that protect your business from fraud without slowing your workflows down.

Stay Ahead of Fraud Before It Hits Your Bottom Line

Fraud isn’t going away, but your business doesn’t have to be an easy target. With the right strategy, training, and technology, you can dramatically reduce the risk of fraud impacting your team, your clients, and your finances.

Need a hand reviewing your current security setup or figuring out which fraud prevention tools fit your business best?

Ready to Protect Your Business From Fraud?

At Elite Technology Solutions Group, we help businesses like yours implement the right mix of people-first processes and advanced technology to prevent fraud before it costs you time and money.

Contact Elite Technology Solutions Group today to schedule your cybersecurity prevention evaluation and take the next step in protecting your business from fraud.