Want to Keep Your Small Business Going Strong? Avoid Tax Identity Theft

*Originally posted March 21, 2016. Updated December 30, 2019*

As the calendar turns to another year, businesses and individuals will soon be facing the inevitability of yet another tax season. And, while filing taxes isn’t something entirely avoidable, the risk of business tax identity theft can easily be minimized. According to the IRS Security Summit, businesses small and large are ideal targets for data thieves every tax season due to their abundance of personal information that can be used to file fraudulent returns. With ever-changing tax reform and regulations, it may be hard for your company to keep up processes while ensuring all sensitive documents are secure. Stick to the following tax preparation tips to avoid letting business tax identity theft wreak havoc on your business: Continue reading

Fraud Awareness Week: Prepare Your Business for Holiday Scam Season

Although we don’t like to admit it, succeeding as a small to mid-sized business (SMBs) takes more than a great idea and strong work ethic. Vigilance and the ability to anticipate the unexpected — whether it’s unforeseen costs, dips in the economy, or other more ominous issues — is all part of the job description for every small business owner. Continue reading

Building Barriers Against the Top Three Business Fraud Threats

**Originally published July 7, 2015, updated July 22, 2019**

Fraudsters are always in the market for a lucrative new target. So, what’s the most information-rich, security-poor victim they can exploit? A small business, of course.

According to the Association of Certified Fraud Examiners (ACFE), an organization on average loses a whopping 5% of their revenue to fraud each year — that’s potentially a global total loss of $4 Trillion dollars. And small businesses are impacted disproportionately harder by fraud, with a median loss of $200,000 for businesses with less than 100 employees. That’s almost twice as much as the median loss for companies with more than 100 employees ($104,000.)

Thankfully, there are a few tricks small business owners can use to combat potential fraud. And the best place to start is by looking at the main entry points of exploitation: occupational fraud, cyberattacks, and identity theft.

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