Charlotte, North Carolina, October 6th / PRNewswire / -- As cybercrime and fraud continue to impose financial costs on businesses and consumers, Bank of America today announced an expansion of a fraud prevention awareness campaign aimed at helping small business owners better identify threats, strengthen their protections, and respond more effectively in the event of fraud.

Sharon Miller, President of Corporate Banking at Bank of America, stated: "Scammers are constantly evolving their tactics, so it is more important than ever for business owners to be aware and educated. Many scams succeed not because businesses lack technology, but because criminals take advantage of trust, urgency, and human behavior. We hope to help entrepreneurs better identify warning signs, strengthen their defenses, and understand the steps they can take to protect their businesses."

According to data from the FBI Internet Crime Complaint Center, in 2025, Americans filed over 1 million complaints of internet crimes, resulting in reported losses of more than $20.8 billion. These losses increased by 26% year-on-year, with phishing and deception still being the most frequently reported types of internet crimes. Scams related to business email intrusion (Business Email Compromise) caused reported losses of over $3 billion. According to BofA Business Owner Report for 2025, 30% of business owners plan to increase their cybersecurity measures as part of their digital investments over the next five years.

Starting this month, which is also Cybersecurity Awareness Month, Bank of America will focus on launching a series of educational tools and resources to help small business owners better prevent fraud and scams. Resources available through Center for Business Empowerment Security Center include:

• The updated Fraud Prevention Checklist helps business owners assess vulnerabilities and strengthen internal controls.
• New and existing educational content, focusing on introducing common warning signs of fraud, scamming, and social engineering attacks.
• A new “Social Engineering and Business Email Compromise” webinar (to be launched later this fall) is aimed at helping business owners and employees identify fraud tactics and avoid becoming victims.

Bank of America also provides other resources and tools to help customers protect their businesses, including:

• CashPro Educational web seminar covering best practices that customers can adopt in fraud prevention, payment security, and network security.
• Security Meter available through Bank of America's online and mobile banking platforms encourages business owners to take additional measures to enhance account security.

This initiative is part of a broader effort by Bank of America to provide business owners with practical guidance, educational resources, and digital tools to support their resilience in an increasingly complex threat environment. According to data from FDIC, Bank of America has been the largest lender to small businesses in the United States for 21 consecutive quarters.

Bank of America

Bank of America is one of the world's leading financial institutions, providing a comprehensive range of banking, investment, asset management, and other financial and risk management products and services to individual consumers, small and medium-sized enterprises (SMEs), and large corporations. The company offers unparalleled convenience in the United States, serving over 69 million customers, with approximately 3,500 retail financial centers, about 15,000 ATM (automated teller machines), and award-winning digital banking services, attracting around 60 million experienced digital users. Bank of America is also a leader in global wealth management, corporate and investment banking, as well as cross-asset trading, serving businesses, governments, institutions, and individuals worldwide. As the number one lender to small businesses in the United States, Bank of America provides industry-leading support to approximately 4 million small business families through a suite of innovative and user-friendly online products and services. The company serves its customers through operations across the United States, its territories, and more than 35 countries and regions. Bank of America's stock (NYSE : BAC) is listed on the New York Stock Exchange.

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Journalist contact

Susan Atran, Bank of America

Telephone: 1.646.599.3300

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