What You Need to Know:
Attention banks and credit unions!
Think you understand your small business customers? What about their need for protection against identity theft and fraud?
Whether SMBs say it or not, they need identity protection. The Identity Theft Resource Center’s 2022 Business Impact Report revealed that 61% of cybersecurity incidents targeted small businesses and more than half of small businesses (57%) experienced a data breach, security breach or both.
One example: In April 2021, a Virginia Beach man was sentenced to 10 years in prison for his role in an internet-based loan scam. According to the U.S. Attorney’s Office, the defendant and his accomplice “…defrauded nearly 1,700 owners and prospective owners of small businesses out of $1,076,000.”
There’s no doubt that Main Street is a prime target for identity theft and fraud. Where will they turn for help? The majority of fraud victims (54%) want their financial institution to offer a resource center to help them navigate and resolve their identity fraud issues.
Financial services organizations must be prepared to protect these small businesses before an incident is even suspected. Here are some key tips for FIs to help small businesses protect what matters most.
1. Be Attentive to SMB Risks
FIs must understand how SMBs are being impacted by fraud and identity theft. Sontiq, a TransUnion company, helps with this by following the evolving trends, providing education on cyber fraud and conducting research on key fraud topics. We provide such insights in the Resources & Blog area of our website.
Sontiq also provides an RSS feed that you can use to enhance your site’s education center or to serve as your main source of cyber protection information.
2. Empowerment through Education
Education is the critical first step to proactive identity protection, which is the best defense any individual or business has against unrelenting identity thieves and fraudsters.
Sontiq engages and educates small business customers in a variety of ways. As a proponent and powerhouse for data security, Sontiq keeps a consistent eye on the torrent of scams that threaten identities. From seemingly simple scenarios involving scam calls or text messages to sophisticated phishing methods, Sontiq informs consumers and small businesses how to avoid becoming victims.
3. Hyper-personalized Breach Risk Intelligence
As identity protection experts, Sontiq examines identity crimes from multiple angles using artificial intelligence (AI). With our proprietary BreachIQ™ feature, Sontiq can identify each individual’s risks and offer recommended action steps based on the latest data breaches and the specific personally identifiable information (PII) exploited in each incident. Sontiq also advises businesses on the latest emerging threats, such as unemployment or loan scams.
How Sontiq Can Help Your SMBs Stay Safe and Secure
Your SMB customers could be challenged by any number of active or personal threats. Sontiq can help you meet their identity protection needs with our Business Suite.
We have bundled essential identity theft protection and mobile cybersecurity services for your SMB clients. Let us explain how we can put our solutions to work for you and discover how we can help boost your bottom line.
