Small Business Finance News

Small Business Owners Taking Steps Against Fraud, Survey Says

Written by Jenna Weiner
Published: 8/15/2011

Small business fraud research suggest that many business owners are taking appropriate countermeasures against fraud but experts say business owners should still keep abreast of the latest trends and techniques used by criminals.

One piece of recent small business financial news seems to be positive, with a survey finding that only 1 percent of small business owners cite falling victim to fraud as a top concern for their company, even with fraud on the rise.

Small Business Fraud Trends

The survey, conducted by TD Bank, polled 300 small business owners within the bank's Maine to Florida footprint. It showed that about 75 percent of respondents are incorporating some type of protection against fraudsters' attempts to access computer systems, financial statements and critical information.

"It's encouraging to see that small business owners are taking steps to protect their business, but fraud protection should be a high priority and it pays to be vigilant," says Fred Graziano, Head of Commercial and Small Business Banking at TD Bank. He added that the new digital technologies and operational tools available make it important to learn about the latest trends and techniques used by criminals.

American Express' Open Forum blog said that while fraud rates declined between 2009 and 2010, small business owners' victim cost is double what consumers lose. Tips the website gives to avoid fraud are to treat employees like employees and not friends or family, set alerts from the credit company used, install antivirus software, stop hacker attacks and understand the protection the company is using.

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