Fraud hits one in five small businesses

March is Fraud Prevention Month and CFIB is focused on helping businesses help themselves

CFIB logo

CFIB logo

Canadian Federation of Independent Business

VANCOUVER – Fraudsters have scammed 20 per cent of Canadian small businesses in the past year. This alarming finding is contained in a first-of-its-kind report by the Canadian Federation of Independent Business (CFIB).

The full report will be released on March 17.

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 made up of 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 such schemes as 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.”

Throughout March, CFIB will host webinars and provide tips, videos and infographics to help business owners and their employees stop fraud, as well as detailed information on some of the most common types of fraud reported to CFIB’s experienced business counselors.

“Over the past few years, we have heard from thousands of business owners from across BC who have either been victimized by fraud or are looking for ways to protect their business,” added Richard Truscott, Vice President, BC and Alberta.  “So we are keen to help entrepreneurs identify and avoid the latest swindles and scams.”

On March 9, CFIB will release additional survey data showing how many small businesses report fraud to the authorities.

Go to cfib.ca/BeFraudFree for more information throughout the month and be sure to follow #BeFraudFree on Twitter.