3 min read By, David Stahl, Head of Business Banking Up to 60% of small businesses shut down within six months of a cyberattack or data breach, according to the National Cyber Security Alliance. That staggering number is a reminder that fraud prevention isn’t just an IT issue. It’s a business survival issue. As a business owner, you’re focused on running your business. But as the frequency of these attacks increases, protecting your business from fraud has to be part of your routine. The Most Common Entry Point: Email Email remains one of the easiest ways for cybercriminals to gain access to your systems. And they’re getting more creative by the day. You and your team (especially anyone handling accounts payable or receivable) should be trained to spot red flags. Fraudulent emails often: Come from unfamiliar senders Include links disguised as business opportunities or urgent account alerts Contain attachments labeled as resumes, invoices, or contracts I’ve seen this firsthand. While hiring, I once received an email with a malicious attachment posing as a resume. The sender’s email looked suspicious, and thankfully, I didn’t click. But it was a close call—and a good reminder that these attacks can happen to anyone at anytime. Slow Down Cybercriminals often rely on urgency. They know that during busy seasons or stressful moments, people are more likely to click without thinking. That’s why it’s important to: Encourage employees to trust their instincts Make fraud awareness part of your regular team conversations Remind everyone to verify before clicking or responding Even if you don’t have a dedicated cybersecurity team, creating a culture of caution can make a big difference. Watch for Payment Scams Another tactic we’re seeing more often: criminals hijack a supplier’s email address and send fake invoices with altered payment details (address, bank account, etc.) This is the digital version of check “washing”—and it’s on the rise. If you receive an invoice or wire instructions with updated bank account or address information, don’t assume it’s legitimate. Always verify changes by calling the supplier using a number you already know, not the one in the email. That extra step could save you from a major headache—and a major loss. Tools That Can Help At Bank Midwest, we offer tools designed to help businesses prevent fraud and manage payments more securely: Positive Pay: Upload your check files to the bank, and we’ll verify each check before it clears. You can also block unapproved transactions. Integrated Payables: Streamline and secure your payment processes across multiple channels. Your Relationship Manager or Treasury Management Officer can help you determine which tools are the best fit for your business. And remember: no banker should ever ask for your password. If something feels off (whether it’s a phone call, email, or request) pause and verify. A few extra moments on the front-end can protect everything you’ve worked so hard to build. Final Thought Fraud prevention doesn’t have to be overwhelming. It starts with awareness, consistent habits, and the right partners by your side. At Bank Midwest, we’re committed to helping you stay one step ahead—so you can focus on growing your business with confidence. Explore more in our Business Series: How to Start a Business Strong How Businesses Can Optimize Cash Flow When Is It Time to Outsource? Future-Proofing Your Business
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