Fraud hits one in five small businesses, CFIB says

by Morinville News Staff

A Canadian Federation of Independent Business (CFIB) report indicates fraudsters have scammed 20 per cent of Canadian businesses over the past year. The organization’s report will be released on March 17.

CFIB is running a month-long campaign and publishing the report to help small businesses protect themselves against scams that hit business, including directory fraud, email phishing, and payment fraud.

“Fraud is a serious threat to unsuspecting small businesses and an ongoing challenge for our economy,” said Plamen Petkov, CFIB vice-president, Ontario and Business Resources. “The report will look at not only the financial cost of fraud to small businesses but also non-financial impacts, including stress and aggravation for business owners.”

CFIB is hosting webinars and providing tips, videos, and infographics throughout the month to help business owners and employees stop fraud. As well, the organization is providing some detailed information on some of the most common types of fraud reported to CFIB.

“CFIB takes more than 27,000 calls a year from small business owners on various issues including fraud, so we are in a unique position to identify the latest scams that are making the rounds,” Petkov said. “Knowing what to look for is the key to prevention.”

Information on fraud prevention for business is available at cfib.ca/BeFraudFree.

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