Tag: business fraud
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Your Small Business Could Be at Greater Risk of Fraud
Posted On: March 31, 2022 by Falcon National Bank in: Manage your Business | Business Banking
According to the Association of Certified Fraud Examiners, U.S. businesses lose an average of 5% of gross revenue annually to fraud. Small business fraud is one of the most common types, but why does it occur so often? How Small Business Fraud Occurs Small businesses start with fewer resources than their counterparts. This lack of resources results in increased business fraud risk. For many owners, fraud occurs for one of two reasons. The first is that business owners are often too busy to...
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How to Protect Your Business from Fraud
Posted On: May 24, 2019 by Falcon National Bank in: Manage your Business | Business Banking
Every business is susceptible to fraud, but small businesses are the most vulnerable. According to the Association of Certified Fraud Examiners (ACFE), private companies and small businesses rank highest in occupational fraud which can total a median loss of $164,000. Cybercriminals continue to develop sophisticated means to commit fraud. Spoof emails, malicious software spread through attachments and social media, fund transferring, and information breaches are just a few ways to gain access to...
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