Three External Scams Targeting Your Small Business

Small Business Owner Concerned About Scam

Businesses Beware  

Scammers are getting more sophisticated and are constantly evolving to avoid detection. And, within small businesses themselves, there are internal issues that may lead to a higher risk of further external scams. For example, small and mid-sized businesses (SMBs), who often lack a proper system of checks and balances, are especially appealing to fraudsters. In a report released in April 2018 by the Association of Certified Fraud Examiners, scams within businesses with fewer than 100 employees, led to the following:

  • Median loses of $850,000 – this was due to fraud committed by an owner or executive within the small business, further emphasizing the need for checks and balances.
  • Check and payment tampering was nearly three times more likely at a small business than a larger one (22% to 8%). Other frauds much more common at small businesses included skimming (20% vs. 8%) and payroll (13% to 5%).

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Cybersecurity Best Practices – In & Out of the Office

National Cybersecurity Awareness Month: A Year-Long Effort

October is National Cybersecurity Awareness Month – a time that is dedicated to showcasing how to stay safe online by providing insight and best practices on how to protect Personally Identifiable Information (PII), financial and sensitive proprietary data.

The need for proper cybersecurity within the workplace should be a continuous effort throughout the year. With small businesses feeling the brunt of data breach events, many of which are caused by cyberattacks or other security vulnerabilities, a proactive attitude toward cybersecurity risks in the workplace is now more important than ever.

Your employees are ultimately your first line of defense against potential data breaches, and they can make or break your overall business security. However, employees may not realize that protecting business information also means protecting their personal information, too.

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Risky Business: The Hidden Costs & Impact of Business Data Breaches

Data Breaches Become Business-As-Usual

With the volume and velocity of data breaches increasing year-over-year, it’s safe to say no business is safe. Now is the time to be prepared for the myriad of threats to personally identifiable information (PII) – that your business has on employees, customers, partners, vendors – essentially all of the data that runs the business.

Data breaches are often not easily contained (Equifax) nor can their impact be viewed as trivial. Let’s take a closer look at the impact of today’s data breaches upon businesses of all sizes.

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My Business Has a Credit Score?

What is business credit? 

When’s the last time you checked your business credit score? If you’ve never checked it before, you’re not alone – nearly half of small business owners don’t even know they have one. 

Like personal credit, business credit is used to determine a business’ borrowing and lending abilities. It’ll be checked when you apply for business loans or when other companies want to ensure you are financially reliable before doing business with you. 

Small business owners often make the mistake of assuming business credit is the same as personal credit. But, without understanding the key differences between the two, you could be putting your business’ overall security and reputation at risk.  Continue reading