Great Reminder About Top Small Business Fraud Risks

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As a follow up to our list of questions to ask when performing a risk inventory concerning the financial function, this article from Digital Journal provides a solid description of six types of financial fraud that are particularly difficult for smaller businesses to detect and combat:

Small businesses are at a greater risk of financial fraud for one reason: they aren’t aware of the most common scams and therefore aren’t investing enough towards adequate protection. For many, it is not a question if fraud will occur, but when. Business owners should be aware of the […]

The six types listed are fraudulent invoicing, revenue skimming, check tampering, payroll fraud, vendor billing fraud, and worker’s compensation fraud. For each of these risks, the article suggests internal controls that could protect smaller organizations. Definitely worth a read.

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