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Small and Midsize Business Lending Fraud Rises Over the Past Year, with Lenders Anticipating Further Increases in the Year Ahead

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According to a LexisNexis Risk Solutions Study, Digital Channels See Biggest Increase in SMB Lending Fraud 

ATLANTA, Sept. 5, 2024 /PRNewswire/ — Small and medium-sized business (SMB) lending fraud has increased by a double-digit percentage year over year, with most lenders expecting fraud levels to continue to increase in the coming months, as revealed by the latest edition of the LexisNexis® Risk Solutions Small and Midsize Business Lending Fraud Study. Overall, more than 80% of respondents said that SMB lending fraud has risen by nearly 14% over the last year, even as lenders are less willing to issue new credit.

SMB lending fraud is increasing at consistent rates but is gradually moving away from the influence of the pandemic. Notably, SMB lending fraud is typically caught within the first month of a new customer relationship.

Organizations recognize that reducing SMB lending fraud can lead to increased revenues and improved customer loyalty. With most fraud losses attributed to digital channels, 70% of organizations have adjusted their strategies for detecting and mitigating fraud. This shift highlights a proactive approach within the industry, with many lenders tightening their mobile and online transaction policies. While smaller banks and credit unions are balancing their policies, larger institutions are adopting stricter measures.

Key Findings on SMB Lending Fraud

Top Methods of Fraudsters: In the period surveyed, stolen legitimate business identity and stolen consumer/owner identity have emerged as the most common type of SMB lending fraud, making detection particularly challenging. Recognizing that reducing SMB lending fraud can lead to increased revenues and improved customer loyalty, organizations are enhancing their detection capabilities. However, balancing fraud detection with minimizing customer friction remains a key concern.Shift to Tech-Driven Fraud Prevention: There is an anticipated shift from labor-centric to tech-driven fraud prevention as companies face a recurring challenge in managing and mitigating fraud risks. SMB lending fraud is a shared concern across industries, with most companies anticipating overall losses between 6% and 10%. About 17% of these losses are due to efforts to reduce friction in approval processes.Increase in Proactive Fraud Prevention: Businesses are enhancing their fraud prevention efforts by integrating advanced identity solutions like behavioral biometrics, geolocation and real-time transaction scoring to bolster their anti-fraud initiatives. Fintech/digital Lenders have shown remarkable improvement in this area.

“Though the perception exists that SMBs have complex structures, our annual study shows that lenders employing a multi-layered solutions approach, integrated with cybersecurity and digital channel operations, experience more positive outcomes when lending to small businesses,” said Tom Hunt, director, business risk strategy, LexisNexis Risk Solutions. “These include reduced fraud losses as a percentage of annual revenue and a slower rate of increase in SMB lending fraud.”

Top Four Recommendations for Preventing SMB Lending Fraud

Enhance Identity Proofing: Identity proofing encompasses both verification and authentication processes. While verification is a critical step, it may not be sufficient on its own to detect sophisticated fraud attempts. Authentication solutions offer a more dynamic and advanced approach to fraud detection and prevention, especially in remote channel applications where the risk of fraud is higher. Additionally, businesses need advanced fraud detection systems beyond manual methods. Utilizing technology is essential for effectively identifying and addressing fraud while minimizing inconvenience to customers.Adopt a Multi-Layered Approach: Businesses should implement a multi-layered approach to authentication by combining different solutions to address unique risks from different channels, payment methods and products. This approach should integrate cybersecurity with fraud prevention efforts and employ advanced solutions like OTP/two-factor authentication, biometrics and behavioral biometrics. Focus on Early-Stage Fraud Detection: New account opening is a crucial stage in the customer journey as well as fraud assessment at the point of origination. Maintaining robust screening solutions while managing the right amount of friction is key. This includes checks for fake or suspicious identification numbers, such as Social Security Numbers (SSN) and Tax Identification Numbers (TIN). A significant portion of fraud cases are identifiable and then prevented by enhancing the screening process.Share Intelligence: Businesses should leverage the power of collective intelligence through consortiums and digital identity networks. By participating in a consortium, companies can share valuable data, creating a peer-based intelligence layer that allows them to gain greater context, secure their digital channels against cybercriminal networks and make smarter, real-time risk decisions.

Methodology
The study surveyed 135 individuals working at banks, credit unions, fintech/digital lenders and payment processors with responsibility for risk and fraud assessments or decisions for SMB customers. SMBs are businesses earning up to $10 million annually. The study set out to better understand SMB lending fraud, specifically its volume, how institutions identify and track fraud, the types of fraud experienced, what institutions are doing to combat fraud and whether there are differences in SMB lending fraud based on the size or type of organization.

Download the latest LexisNexis Risk Solutions Small and Mid-Sized Business (SMB) Lending Fraud Study.

About LexisNexis Risk Solutions
LexisNexis® Risk Solutions harnesses the power of data, sophisticated analytics platforms and technology solutions to provide insights that help businesses across multiple industries and governmental entities reduce risk and improve decisions to benefit people around the globe. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information-based analytics and decision tools for professional and business customers. For more information, please visit LexisNexis Risk Solutions and RELX.

Media Contact:
Marcy Theobald
678.860.3639
marcy.theobald@lexisnexisrisk.com             

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3M announces collaboration with GSEO to advance Expanded Beam Optical manufacturing and development

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ST. PAUL, Minn., Oct. 19, 2026 /PRNewswire/ — 3M (NYSE: MMM) today announced a collaboration with Genius Electronic Optical Co., Ltd. (GSEO, Taiwan: 3406), an optical technology company, to advance technology development and manufacturing for 3M’s Expanded Beam Optical (EBO) solutions. In support of these efforts, 3M expects to make a strategic investment to acquire approximately 4.7% of GSEO’s common shares as part of the company’s private placement of newly issued shares, subject to customary closing conditions.

The collaboration brings together 3M’s EBO technology leadership, optical interconnect expertise, materials science, manufacturing scale and customer relationships with GSEO’s precision optics manufacturing capabilities and production scale. Together, the companies aim to support EBO commercialization and long-term capacity expansion to meet growing demand from hyperscale data centers and other advanced connectivity applications.

“3M is investing in capabilities and partnerships that can accelerate innovation for our customers,” said William Brown, 3M Chairman and CEO. “By selecting GSEO as a manufacturing partner and investing in the company, we are strengthening the path to scale next-generation optical connectivity solutions for high-performance data center infrastructure.”

GSEO’s existing precision optics manufacturing capabilities and technical development experience are expected to support manufacturing readiness for 3M’s EBO ferrules, co-packaged optics solutions and related optical interconnect applications. The collaboration is part of 3M’s broader EBO ecosystem strategy, which includes continued work with customers and partners across the optical interconnect market.

“GSEO is pleased to expand its relationship with 3M as we work together to advance optical interconnect solutions for next-generation data center infrastructure,” said Micro Kuo, GSEO CEO and President. “This collaboration brings together complementary technology and manufacturing strengths to support continued innovation and help meet the performance demands of high-growth connectivity markets.”

3M expects the strategic investment to close in the fourth quarter of 2026, subject to customary closing conditions.

Forward-Looking Statements
Certain statements in this release are considered “forward-looking statements” under the federal securities laws, including the Private Securities Litigation Reform Act of 1995, as amended, and are intended to enjoy the protection of those laws. Forward-looking statements may appear throughout this release and are typically identified by the words “aim,” “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “evaluate,” “expect,” “forecast,” “future,” “goal,” “guidance,” “impact,” “initial,” “intend,” “likely,” “may,” “outlook,” “plan,” “possible,” “potential,” “predict,” “probable,” “project,” “seek,” “should,” “strategy,” “target,” “will,” “would,” and other words that are similar to, or have the opposite meanings of, those words. Forward-looking statements speak only as of the date they are made, 3M assumes no duty to update those statements, and readers are cautioned not to place undue reliance on any of those statements. Forward-looking statements are based on certain assumptions and expectations of future events and trends that are subject to risks and uncertainties, including those described in Part I, Item 1A, “Risk Factors” of 3M’s Form 10-K for the year ended December 31, 2025.

About 3M
3M (NYSE: MMM) is focused on transforming industries around the world by applying science and creating innovative, customer-focused solutions. Our multi-disciplinary team is working to solve tough customer problems by leveraging diverse technology platforms, differentiated capabilities, global footprint, and operational excellence. Discover how 3M is shaping the future at 3M.com/news.

Contacts
3M
Investor Contact:
Diane Farrow, 612-202-2449
Media Contact:
3MNews@mmm.com 

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Scott Vicknair Personal Injury Lawyers Announces Second Annual Operation Fur-Ever Home Pet Adoption Event at Lafreniere Park

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NEW ORLEANS, Oct. 19, 2026 /PRNewswire/ — Scott Vicknair Personal Injury Lawyers is excited to announce the return of its second annual Operation Fur-Ever Home, a free community pet adoption event taking place on Saturday, November 14, 2026, from 9:00 a.m. to 11:00 a.m. at Lafreniere Park in Metairie, Louisiana.

The free, family-friendly event will give attendees the opportunity to meet adoptable pets from local animal shelters, learn about responsible pet ownership, and potentially welcome a new furry companion into their homes. Those who preregister for the event will also be entered for a chance to win a Soundcore speaker and a free pet adoption.

“Last year’s event was everything we hoped it would be, and we are incredibly excited to bring Operation Fur-Ever Home back for a second year,” said David Vicknair, founding partner of Scott Vicknair Personal Injury Lawyers. “There is something special about watching a family meet a pet that could become part of their lives for years to come. We wanted to create another opportunity to make those connections while supporting the organizations that work tirelessly to care for animals in our community.”

Building on the success of the first event, this year’s event continues the firm’s commitment to supporting local animal shelters and creating meaningful opportunities for families throughout Southeast Louisiana.

“Giving back to our community has always been an important part of who we are as a firm,” said Vicknair. “Whether we are helping students prepare for school, recognizing deserving teachers, or supporting local animal shelters, our goal is to make a positive difference in the communities we serve.”

Operation Fur-Ever Home is free and open to the public. Families, animal lovers, and anyone interested in adopting a pet are encouraged to attend and preregister.

About Scott Vicknair Personal Injury Lawyers

Scott Vicknair Personal Injury Lawyers is a New Orleans-based personal injury firm committed to providing exceptional legal representation while also investing in the communities it serves. Their experienced team of dedicated attorneys specializes in car accidents, personal injury, and wrongful death cases in New Orleans. With diverse personal and professional backgrounds, they craft legal strategies tailored to each client’s specific case and needs.

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SOURCE Scott Vicknair Personal Injury Lawyers

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Can we produce low-cost omega-3s without relying on fish?

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GOLD COAST, Australia, Oct. 19, 2026 /PRNewswire/ — Southern Cross University researchers are aiming to halve the cost of producing omega-3 supplements to make these essential nutrients more accessible to pregnant women and infants in low-income countries, backed by the University’s first-ever grant from The Gates Foundation.

The research takes a novel approach: rather than relying on fish oil, the team is going closer to the original source of omega-3. Fish don’t produce omega-3 themselves – they accumulate it from marine microorganisms lower in the food chain.

Led by Professor Dirk Erler from Southern Cross University’s Faculty of Science and Engineering, the team is investigating how these naturally omega-3-producing microorganisms can be grown more cheaply through precision fermentation, including the use of agricultural and food-processing by-products as a source of fermentation sugar.

Omega-3 is an important nutrient during pregnancy and early life, supporting brain and nervous system development in babies. But the cost of supplements remains a significant barrier to access in many low-income countries.

“The main barrier for the uptake of omega-3s as supplements in pregnant women is the cost,” Professor Erler said.

“The whole objective of our project is to reduce that cost and make omega-3 supplements more available.”

The research team at Southern Cross University, which includes biomedical scientist Dr Nedeljka Rosic, Dr Shane McIntosh, postdoctoral researcher Dr Jasmine Haskell and PhD researcher Michael Ingram, is focused on growing omega-3-producing marine microorganisms known as thraustochytrids – or ‘throstys’ for short.

“By growing those microorganisms on land through precision fermentation, we have an alternative way of producing omega-3s that is both reliable and highly targeted,” Professor Erler said.

Precision fermentation allows the researchers to grow thraustochytrids under controlled conditions to produce omega-3 oils. The team is investigating whether expensive feedstocks used in the process can be replaced with lower-cost agricultural and food-processing by-products, helping drive down the overall cost of production.

The approach could also reduce reliance on wild-caught fish as a source of omega-3 oil and create a more reliable, scalable, and local supply.

For biomedical scientist Dr Nedeljka Rosic, the production challenge is ultimately about what greater access to omega-3 could mean for women and babies.

“As a biomedical scientist, my purpose is to find ways to use science to improve people’s health,” Dr Rosic said.

“This project is important because it aims to improve the health of pregnant women and children and reduce preterm births through simple dietary improvements.”

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SOURCE Southern Cross University

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