LexisNexis® Risk Solutions released its latest Small and Midsize Business (SMB) Lending Fraud Study. Based on a survey of lenders, SMB lending fraud has increased significantly during the past 12 months, with many smaller banks, credit unions and fintechs expecting fraud levels to worsen over the next year. Overall, 84 per cent of respondents said that SMB lending fraud has increased at an average of 14.5 per cent year-over-year (2021 to 2022), a significant increase from the 6.9 per cent increase experienced the year prior.
