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Bank of America Expands Fraud Prevention Initiative

As cybercrime continues to rise, inflicting financial losses that exceeded $20 billion for American businesses in 2025, Bank of America is responding with an expanded initiative aimed at small business owners. This initiative includes a suite of new educational tools and resources designed to improve fraud awareness and protection measures against increasingly sophisticated scams.

Sharon Miller, President of Business Banking at Bank of America, emphasized the critical need for heightened awareness among business owners. She noted, "Fraudsters are constantly refining their tactics, which makes education and awareness more crucial than ever. Many scams thrive not primarily due to a lack of technology, but because criminals exploit elements like trust and urgency. We want to equip entrepreneurs with the knowledge to identify risks and fortify their defenses."

The State of Cybercrime in the U.S.

Recent reports from the FBI's Internet Crime Complaint Center revealed the alarming trend of increasing cybercrime, with over one million complaints lodged in the past year alone. The financial toll was staggering – more than $20.8 billion reported in losses, marking a 26% rise from the previous year. Notably, schemes involving Business Email Compromise led to losses exceeding $3 billion. Given this context, Bank of America's initiative comes at a vital time.

According to the 2025 BofA Business Owner Report, 30% of small business owners plan to invest more in cybersecurity in the coming years as a direct response to the rising threat landscape. As they navigate their digital transformations, it becomes evident that knowledge and preparedness can offer a significant shield against fraud.

Newly Launched Resources and Tools

Starting this month, coinciding with Cybersecurity Awareness Month, Bank of America is re-introducing its fraud-awareness program with several key resources available through its Center for Business Empowerment. These resources include:

• - Updated Fraud Prevention Checklist: A comprehensive tool that assists business owners in evaluating their vulnerabilities while also reinforcing their internal controls.
• - Educational Content: A series of materials highlighting the common warning signs associated with fraud, scams, and social engineering schemes.
• - Webinars: A new presentation focusing on Social Engineering and Business Email Compromise will be made available later in the fall. This session aims to educate business owners and their employees on identifying fraud tactics effectively.

Moreover, Bank of America is introducing further innovations designed to empower clients against fraud threats:

• - CashPro Webinars: Educational sessions that equip clients with best practices related to fraud prevention, cybersecurity, and payment security.
• - Security Meter: A tool integrated within the bank's online and mobile platforms, the Security Meter encourages business owners to evaluate their current security levels and take further action where necessary.

Commitment to Small Business Support

This initiative reflects Bank of America’s commitment to enhancing the resilience of small businesses in a landscape fraught with challenges. The organization has been recognized as the leading lender to small businesses in the United States for over five consecutive years. The proactive approach taken by Bank of America aims to not only reduce businesses’ losses to cybercrime but also empower them with the knowledge needed to navigate today's digital landscape effectively.

Conclusion

As the threat of cybercrime persists, initiatives like that of Bank of America become critical lifelines for small business owners striving to protect their operations. By enhancing awareness and providing actionable tools, Bank of America is leading the way in creating a safer environment for businesses to thrive in the new digital age. As we continue through Cybersecurity Awareness Month, it's a timely reminder for all entrepreneurs to stay informed, vigilant, and prepared to combat fraud.

For further updates and insights on this program and other resources, visit Bank of America's Center for Business Empowerment.