March is Fraud Prevention Month.
According to the Canadian Federation of Independent Businesses (CFIB), 44% of small businesses victimized by fraud don’t report it.
Many don’t believe the police can help and don’t want to spare the time and resources to try to recover losses.
In CFIB’s report, Fraud - a big threat to small business, small business owners state the stress and hassle of fraud is worse than the financial impact. Fraud costs, on average, $6200 per business.
Other findings include:
- Wholesalers are most likely to be the target of a fraud attempt.
- The Retail & Hospitality sectors are most likely to lose money to fraud.
- The most common scams to hurt small businesses are:
- Fraudulent payments
- Email scams
- Directory fraud.
Visit the CFIB website for up-to-date information about frauds and scams, and tips on how to protect your business. Follow them on Twitter #BeFraudFree for ongoing information on Fraud Prevention Month.
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