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Majority of small business owners felt law enforcement could not do anything to help
Toronto, March 9, 2016 – Forty-four per cent of small business owners who were defrauded in the past year did not report it, according to the latest research from the Canadian Federation of Independent Business (CFIB).
The finding is part of a first-of-its-kind report to be released in full on March 17.
Of those that reported, only one in three small business owners reported to law enforcement, while 32 per cent notified their bank or insurance providers. Whether or not they reported, the majority felt that law enforcement couldn’t do anything to help them.
“Many business owners are telling us that the reporting process is too time-consuming and often winds up costing them even more in lost time and productivity,” said Plamen Petkov, CFIB’s vice-president for Ontario and Business Resources.“It’s important fraud is reported, ensuring that the authorities have the information not only increases the odds of catching the scammer, but can also help them spot trends and prevent even more businesses from being hit.”
March is Fraud Prevention Month and CFIB is focused on helping businesses help themselves through education and access to resources. As a proud member of the Fraud Prevention Forum, a working group that includes CFIB, the Competition Bureau, and the RCMP, the month-long campaign and the publication of the report aim to help small businesses protect themselves against fraud.
Be sure to follow #BeFraudFree on Twitter.
CFIB is Canada’s largest association of small- and medium-sized businesses with 109,000 members across every sector and region.