New Report Reveals Growing Small Business Check Fraud Problem
Nearly one-third of all small businesses in the
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(Graphic: Business Wire)
The Mitek report revealed that nearly a third (31%) of small businesses have been victimized by check fraud in the past year. In addition, among the small businesses affected by check fraud, a total of 65% reported losses exceeding
Small businesses underpin the American economy, with 33.2 million small businesses across the
Additional small business findings from the Mobile Deposit Benchmark report include:
- 98% have adopted mobile deposit, only 10% use it for all checks received
- 55% reported receiving more than 50 checks per month
- 47% reported that check fraud is a “big concern”
Mail related check fraud, where stolen checks are often washed and used illegally, has been on the rise: The
“Financial institutions are critical partners to their small business customers—not only in supporting their growth, but also in safeguarding them from fraud,” said
The Mitek 2023 Mobile Deposit Benchmark Report was developed in partnership with CI&T and
To learn more about this year’s rankings for 20 of the largest
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Mitek (NASDAQ: MITK) is a global leader in digital access, founded to bridge the physical and digital worlds. Mitek’s advanced identity verification technologies and global platform make digital access faster and more secure than ever, providing companies new levels of control, deployment ease and operation, while protecting the entire customer journey. Trusted by 99% of
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Source: Mitek