Small Business Lending Surged 14.5%*
2023 Small Business Lending Fraud Study
Mitigate loan fraud while preserving the ease of the customer experience.
Banks, credit unions and digital lenders have all seen an alarming increase in small- and mid-sized business (SMB) lending fraud. The average year-on-year increase in SMB lending fraud was 14.5% in 2022, compared to just 6.9% in 2021. And 72% of respondents expect lending fraud to continue to increase over the next 12 months.
Another concerning stat? 68% of fraud is caught after the point of account origination. What if more fraud could be detected at the point of origination/application?
Now is the time for lenders to mitigate their loan fraud risk, while preserving the simplicity and convenience of the customer experience. The LexisNexis® Risk Solutions SMB Lending Fraud study surveyed 147 lenders to identify current fraud trends and key pain points, especially those related to the addition of new payment mechanisms and online and mobile channel transactions. They also weighed in on what’s working in fraud prevention and what’s not.
Check out the results summarized in our latest ebook and infographic on “The State of Small Business Lending Fraud.” Or request the full Small and Midsize Business Lending Fraud Study.
