How to Reduce the Risk of Fraudsters Accessing Your Business and Personal Bank Accounts

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By John Kyle

In 2021, Americans lost approximately $5.8 billion from identity theft. There were 2.8 million consumer identity theft incidents reported, which means there could have been much more. Of that, $2.3 billion were from imposter scams, and $392 million were from consumer online shopping. For businesses, 47 percent of all businesses had one form or another of fraud affect them. According to the FBI, in 2020, scams cost U.S. businesses over $1.8 billion. And since 2020, fraud cases are up by over 70 percent.