Fraud – it’s everyone’s business. That dreaded
F word is a prevalent crime we can’t afford to ignore. With
one in every five businesses victimized in the past year, fraud has
become a big threat and a serious ongoing challenge for
Canada’s economy.
Even the best organizations are vulnerable to fraud. According
to a March 2016 Canadian Federation of Independent Business (CFIB)
report, which sheds light on the most common scams and the impact
of fraud on small businesses in Canada, 20 per cent of small
businesses were victims of fraud over the past year, with an
estimated average cost of $6,200. The report states six out of 10
small businesses defrauded in the past year did not recover any of
the financial costs incurred. This damage goes beyond financial,
extending to losses in productivity, time and business
opportunities, in addition to causing significant stress and
negatively affecting the organization’s reputation and staff
morale. In fact, over half of small
