Canada: Fraud cost small businesses $6,200 (each) last year

Canadian money by Sara Long

From the Small Biz Advisor news item:

The most common type of fraud causing a loss for small businesses is fraudulent payments. The most common attempted frauds are email scams and phishing, followed by directory fraud, malicious software and phone scams. Businesses in the retail and hospitality sectors are more likely to experience financial losses from fraud, while businesses in the wholesale sector are most likely to experience fraud attempts.

Small businesses spent an average of $2,900 on fraud prevention in the past year; however, only three in ten small businesses train their employees to identify fraud.

“The threat of fraud is not going away,” added Petkov. “When it comes to preventing fraud, awareness and vigilance are key. Most small businesses take some preventative measures; they can do even more by training employees to spot signs of fraud.”

Read the full article here:

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