Anti-Fraud Investments for Small Businesses

  • Fraud Prevention

Small businesses are generally targeted for identity fraud and account takeover. Once something happens, they tend not to have a lot of resources to deal with it. These businesses are easily attacked because they arent familiar with the fraud prevention services available or think they are too expensive and dont know how to use them. In new findings, the majority of small businesses have no policies or best practices in place to protect them from cyber-risks associated with remote networking, email and Internet vulnerabilities. In the coming year, only 22% of them plan to take additional action from what theyre doing today.

Small business owners rely on their banking institutions for fraud detection and prevention, rather than monitoring their accounts as well. Their main concern is credit card and debit card fraud and business identity theft. Even with these concerns, small business owners still arent doing enough to enhance their fraud defenses. We suggest that small business owners talk to their banks and other service providers who can help them make informed decisions about steps that will make the most sense for their own business.

Owners should review the contracts they have in place. The consumer protections that are provided by a banking institution are usually different than the small business protections and its important to know the difference. Protecting yourself from financial fraud should be a concern for everyone especially for small businesses. Research shows that small businesses are easy targets for fraud. Small businesses comprise the highest rate of fraud and largest median loss. Even with this information, a low percentage of them plan to take additional action for fraud prevention.

Ask these questions when improving fraud prevention efforts:

  • How are you protecting yourself?
  • What are your plans over the coming months and years?
  • How can EVS better help your plan moving forward?

Its important to remember that small business owners help drive our economy. Protecting organizations from financial fraud should be a concern for everyone, especially for small businesses.

[Contributed by EVS Marketing]