As U.S. Cybercrime Losses Top $20 Billion, Bank of America Expands Fraud Education for Small Business Owners

CHARLOTTE, North CarolinaN.C. - As cybercrime and fraud continue to impose financial costs on businesses and consumers, Bank of America today announced an expanded fraud-awareness initiative designed to help small business owners better recognize threats, strengthen safeguards and respond more effectively when fraud occurs.

"Fraudsters continue to evolve their tactics, making awareness and education more important than ever for business owners," said Sharon Miller, president of Business Banking. "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."

According to the F B IFBI's Internet Crime Complaint Center, Americans filed more than one million internet crime complaints in 2025, resulting in more than 20.8 billion dollars$20.8 billion in reported losses. Losses increased twenty six percent26% year over year, while phishing and spoofing remained the most frequently reported cybercrime. Business Email Compromise schemes accounted for more than 3 billion dollars$3 billion in reported losses. According to the 2025 B of ABofA Business Owner Report, thirty percent30% of business owners plan to increase cybersecurity measures as part of their digital investments over the next five years.

Starting this month, which is 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 the 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.

Other resources and tools Bank of America offers to help clients protect their businesses include:

• CashPro educational webinars, which include best practices for clients to employ related to fraud prevention, payment security and cybersecurity.
• A Security Meter available through Bank of America's online and mobile banking platforms that encourages business owners to take additional actions to strengthen account security.

The initiative is part of Bank of America's broader effort to provide business owners with practical guidance, educational resources and digital tools that support business resilience in an increasingly complex threat environment. According to the F D I CFDIC, Bank of America has been the top U SU.S. lender to small businesses for 21 consecutive quarters.

Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving more than 69 million clients with approximately 3,500 retail financial centers, approximately 15,000 A T MsATMs (automated teller machines) and award-winning digital banking with approximately 60 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. As the #1 small business lender in the United States (F D I CFDIC), Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries and/or jurisdictions. Bank of America Corporation stock (N Y S ENYSE: B A CBAC) is listed on the New York Stock Exchange.

Susan Atran, Bank of America
Phone: 1 6 4 6 5 9 9 3 3 0 01.646.599.3300
[email protected]