Groundbreaking report on fraud and small business
2016 Fraud reportCredit card fraudDirectory fraudInternal fraudHealth and safety fraud
One out of every five small businesses is victimized by fraud, but at what cost? For the first time ever, CFIB has been able to put a price tag on scams, finding that small businesses impacted by fraud lost, on average, $6,200 to scammers in the last year.
- Small businesses spent an average of $2,900 over the last year on fraud prevention (computer security software, paper shredders, alarms, business processes/policies)
- More than half of business owners impacted by fraud say the stress and hassle are worse than the financial losses, citing lost time, stress and a negative impact on staff morale.
Be sure to check out the infographic on this page for a distilled version of the report’s findings. Also, read our article in Canadian Business magazine for a quick breakdown of the report.