Bank of America is expanding an initiative designed to help small business owners better recognize the growing threats of fraud and cybercrime.
Americans filed more than one million internet crime complaints in 2025, according to the 2025 BofA Business Owner Report. This resulted in more than $20.8 billion in reported losses, up 26 percent year over year. Phishing and spoofing remained the most frequently reported cybercrime. Business Email Compromise schemes accounted for more than $3 billion in reported losses.
“Fraudsters continue to evolve their tactics, making awareness and education more important than ever for business owners,” Sharon Miller, president of Business Banking, said. “Many scams succeed not because a business lacks technology, but because criminals exploit trust, urgency and human behavior. We want to help entrepreneurs better recognize red flags, strengthen their defenses and understand the steps they can take to protect their businesses.”
The 2025 BofA Business Owner Report found that 30 percent of business owners plan to increase cybersecurity measures as part of their digital investments over the next five years.
Starting this month, Cybersecurity Awareness Month, Bank of America will highlight a range of educational tools and resources designed to help small business owners to better protect themselves against fraud and scams.
Resources available through BofA’s Center for Business Empowerment’s Security Center include:
- An updated Fraud Prevention Checklist to help business owners assess vulnerabilities and strengthen internal controls.
- New and existing educational content highlighting common warning signs of fraud, scams and social engineering schemes.
- A new Social Engineering and Business Email Compromise webinar coming later this Fall designed to help business owners and employees identify fraud tactics and avoid becoming victims.
Bank of America also offers other tools and resources to help clients protect their businesses, including CashPro educational webinars, which include best practices for clients to employ related to fraud prevention, payment security and cybersecurity.
The bank also offers Security Meter, available through Bank of America’s online and mobile banking platforms, a tool that encourages business owners to take additional actions to strengthen account security.