7 Small Business Scams To Watch Out For

7 small business scams to look out forAs if running a business in today’s economy is not tough enough, we also have to deal with fraud on top of it all.   Fraud can cause a small business to experience financial effects as well as damage to your hard earned reputation.

Every year the BBB receives thousands of complaints from small business owners who fell for an invoicing scam or were misled into paying for products and services they didn’t want. Scammers aren’t always trying to steal money from a business; sometimes they are after a company’s financial or customer data and will use many kinds of high and low-tech methods for getting it.

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Small Business Owners: Beware of Fraud

business fraudSmall business owners have a higher risk of identity fraud than other adults according to a recent study co-sponsored by ITAC, the Identity Theft Assistance Center, and The Financial Services Roundtable.

The Javelin Strategy & Research 2010 Identity Fraud Survey Report found that overall identity fraud grew by 14% in 2009 to 11.1 million adults, in part due to the economic downturn. Small business owners are one-and-a-half more times likely to be a victim than other adults

“The higher incidence of identity fraud among small business owners is probably due to the fact that they have more accounts and conduct more transactions,” said ITAC President Anne Wallace.…

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