Every business faces its own challenges, but there's one battle they all share: the fight against fraud. Whether you're a one-person startup working from your kitchen table or a multi-million-dollar powerhouse corporation, the threat is real, the costs are devastating and the fight to stay protected never ends.
Earlier this year, the FBI released its annual Internet Crime Complaint Center (IC3) fraud report, where it showed that losses to online fraud reached $16.6 billion in 2024 for businesses and consumers, up 33% from 2023. Fortunately, there are ways to help prevent and mitigate the impact which TD Bank has made a mission to share.
The TD Security Awareness for Everyone (TD SAFE) program was initially created for consumers, especially the elderly population, to help them learn about fraud and scams and how to protect themselves. The program, which includes in-person and virtual seminars, has evolved to include businesses of all sizes, according to Christopher Blackmore, TD Bank Senior Manager, Customer Education – Strategy & Planning Program Office, AMCB US Fraud Control Management.
Below are special insights and tips for businesses to help with fraud prevention.
Small businesses have particular vulnerabilities
Small businesses are prime targets for fraud and often lack the resources that larger organizations have to protect themselves, according to Christopher.
When you are doing everything yourself as sole proprietors or have a limited staff that is already crunched for time, it's hard to dedicate time and resources to this fight. But by not doing so, it can leave your company vulnerable. One of the most important steps for fraud prevention is education about the topic.
"Scam education in some ways is like an insurance to help small businesses prevent costly mistakes, protect their assets, and maintain customer trust," Christopher said.
Preventing small business fraud depends on staying informed about potential threats and watching for them. Password managers and email encryption are helpful, but employee awareness and training are even more critical. To help mitigate costs, small businesses could consider resources like the Small Business Administration (SBA) and National Cybersecurity Alliance that offer critical information for free.
Other free educational resources from financial institutions such as TD SAFE provide valuable information on how to identify scams that are updated frequently as scammers find new ways to reach out to businesses.
Here are some other tips for small businesses to help prevent fraud. You can learn more details about these recommendations here.
- Watch out for urgent requests
- Consider implementing email security tools
- Practice good password hygiene
- Stay informed on small business fraud
A company is only as good as its 'human firewalls' preventing fraud
Earlier this month, TD Bank hosted a webinar for Commercial Bank customers on the topic of fraud prevention. Data from the 2024 Fraud and Control Payments survey from the Association for Financial Professionals was cited to show the seriousness of the problem.
“Running your business requires the right mix of people, processes, and technology, the same is true for protecting it," said Adrienne Terpak, TD Bank Senior Commercial Segment Manager. "As scams continue to evolve, layers of defense will help build resiliency throughout your business operations."
The company themselves must be proactive within their organizational structure, as well as take advantage of other tools that are offered by outside partners including their bank. Internal controls, particularly for those who have the authority to manage money and sensitive data, are vital.
“One common mistake is that processes to prevent fraud may be well documented, but then the information is not communicated to new employees or reviewed regularly,” Adrienne said. Conducting breach scenarios, or what’s called tabletop exercises to identify potential vulnerabilities, are helpful to plan for a fraud incident and how to respond if it happens.
Another important way to help prevent fraud is to work with your bank to leverage all security features for high-risk tasks such as sending payments according to Lisa Christie, Head of AMCB Commercial Digitial Channels at TD Bank.
"Make sure to employ a least-access privilege strategy where only people who require it have access to initiate financial transactions. It's also important to audit access regularly and do stringent background checks on employees."
Both Lisa and Adrienne emphasized that employees need to know how to verify financial requests and not give away key credentials.
"I would say a company is only safe or as good as the vigilance of their employees. The first line of defense really is employees in many instances—we call it the human firewall," Adrienne said.
We hope you found this helpful. This article is for informational purposes only and is based on information available as of October 2025 and is subject to change. This content is not intended to be used or acted upon with respect to any client's specific circumstances. For specific advice about your unique circumstances, consider talking with your qualified professionals.
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