fraud

Cybercrime Doesn’t Really Seem to Worry Small Businesses

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cybercrime among small businessesIt seems as though small businesses do not seem to be very concerned about cybercrime. A recent survey of 1,000 different small business owners conducted by Visa Inc. and National Cyber Security Alliance showed that there was a surprising lack of concern about cybercrime among small businesses.

Most of the small business owners that were surveyed said that they felt that their businesses were “under the radar” and that there was no need to be worried about any computer-based crime. There was definitely a consensus between the survey respondents about the belief that there was not enough cybercrime potential for them to want to invest in the high costs that it would take to properly secure their company’s electronic assets.

An entire 85 percent of those surveyed believed that their business was much less of a target than a larger corporation. Fifty-four percent of the respondents also felt that they were more prepared than larger enterprises to protect their company and customer data. And 84 percent said that they do have certain procedures in place to protect data and keep computers secure.

These were not the only results that the survey found though. Only 25 percent of those surveyed said that they had given their employees three hours or more of security training, and 47 percent said that they hadn’t given their employees any security training at all. More than 50 percent said that they simply did not feel that the high cost of full electronic security is worth it.

The sponsors of the survey say that the results of the survey really don’t seem to match up. They say that there is “growing concern from security experts and law enforcement that hackers and cyber criminals are honing [sic] in on small businesses as their new targets.” They note specifically the report of an extremely elaborate scheme in the Ukraine where more than $70 million was stolen from small and medium business bank accounts in the U.S.

The head of public affairs for Visa, Rosetta Jones, said, “Cybersecurity investments are critical to protecting a company’s brand and reputation.” Visa offers information and resources to business owners on how to protect their important data and digital assets at their website VisaSecuritySense.com. “We are focused on partnering with small businesses to ensure that they fully understand the business benefits of running a cyber-secure operation,” says Jones. There is also more information about how to keep your small or medium business secure at the NCSA’s web site StaySafeOnline.org.

So what does this survey show? Well, it shows that small and medium businesses need to step up and take some precautions when it comes to electronic security for their companies. Yes, it can be costly, but there are also some inexpensive precautions that companies can take. It is something that is definitely important and that needs to be taken into consideration. If your small or medium business is not secured, check out the websites mentioned above and make sure that you keep your company safe and secure.

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Protect Your Small Business Against Fraud

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Small Business Fraud
Small business owners have a lot of hardships they have to face, but one of the biggest problems that plagues them is business fraud, and small business owners are the ones who suffer the most from it. Businesses with less than 1,000 employees can lose an estimated average of $150,000 in a single fraud case. In comparison, larger businesses only average $71,000 per loss.

The biggest type of fraud that hits small businesses is definitely check tampering which is also the biggest way people get hurt. The reason for this is that many small businesses typically do not watch for these types of things. Most small businesses do not wish to put the money into putting controls in place that bigger companies may have. Most small businesses don’t schedule an annual audit. With an audit there is a system of checks and balances which hinders people’s abilities to commit fraud easily.

Inventory fraud is another type that hits small businesses hard. A lot of small businesses have inventory being loaded on and off of trucks, but most people don’t really pay attention to the people loading and unloading the company’s things. Commercial bribery also affects small businesses. If somebody comes into your business often and sees the same employee, they will undoubtedly form a relationship. Your employee could then begin giving the person free things for a split of the profits.

However, there are a few key things small business owners can do to protect themselves against fraud. First, get some type of background screening for your employees. Many small business owners won’t spend a lot of money screening a loading dock worker or somebody fresh from college, but they should at least do a criminal check if nothing else.

Credit checks are also very helpful. It is no surprise that people in today’s economy are going through financial woes. But you should know if your employees are. Be sure you aren’t hiring somebody who is desperate for money. Your employee’s resume is also a good thing to check up on. If they say they went to college or worked for another company, check up on it.

Small businesses are a key part to America’s economy. Most of them provide invaluable services and give a lot of good people good jobs, but it always seems that the ones out to do good are the ones that get burned the most. So please, be careful if you are an owner of a small business. Do what is necessary to ensure you aren’t getting ripped off by some type of fraud.

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