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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Top Ways to Detect Fraud in Your Business

Each year, organizations around the world typically lose 5 percent of revenues to fraud. The cost is staggering: if this percentage were applied to the 2013 estimated Gross World Product, it would translate to a projected global fraud loss of nearly $3.7 trillion, according to the Association of Certified Fraud Examiners (ACFE).

Fortunately, there are cost-effective strategies that businesses large and small can take to detect fraud, reduce vulnerability, and stem losses. Here’s what you need to know:
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