Small business lending fraud experienced a significant surge in 2023, with a 13.6% increase compared to the previous year, according to the 2024 Small Business Lending Fraud study by LexisNexis Risk Solutions. The study, which surveyed 135 lenders, paints a concerning picture of the current state of fraud in the SMB lending sector.
One of the most striking findings is that 64% of respondents expect fraud to continue growing over the next 12 months. This projection highlights the ongoing challenges faced by the industry in combating fraudulent activities.
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