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

Business Tax Identity Theft_March 2016

Among life’s inevitabilities, taxes are firmly planted — with income taxes becoming a permanent fixture in the U.S. in 1913. It was then that the 16th Amendment to the Constitution was created, giving Congress legal authority to tax the incomes of both individuals and businesses. 

With that single requirement grew many guidelines (updated regularly by the Internal Revenue Service) — along with numerous tax-related risks that could threaten to close your business, tax identity theft tops the list. Dealing with this profusion of factors can seem chaotic to any small business owner. But while taxes are inevitable, business tax identity theft doesn’t have to be. Stick to these tax basics to avoid business tax identity theft from wreaking havoc on your small business.  Continue reading