Fraud A Problem For Small Michigan Businesses

Fraud is an issue for large and small companies alike, while larger companies have safety precautions in place many small companies are blindsided by fraud attacks.  Being extra careful and having a general awareness of what is going on in your company is the first step in protecting it against fraud invasions.

The ACFE (Association of Certified Fraud Examiners) released a statement that says small businesses are being hit the hardest due to lack of fraud prevention programs within their companies.  Manufacturing, Banking and Insurance industries have been hit the hardest in smaller companies with less than 100 employees.

Check tampering and deceptive billings are the top two fraud schemes targeting small businesses.  Communication and a review of your internal procedures is a critical part of blocking any attacks, with regular audits of your financial records.

Hopefully the economy will start to turn-a-around soon or all of us small business owners may be targets of the increased fraud attacks, as people try to maintain lifestyles they have come a custom when the economy was flourishing.

Tim Somers
MichiganBusinessHub.com