Is Your Business in the Scam Danger Zone?

Last post: Jan 28, 2020

Did you know that a typical business loses 5% of income every year to fraud and scams? The issue is showing no signs of slowing, and in light of this we are raising awareness of fraud for small businesses with our new quiz around small business fraud.

Fraud can be particularly detrimental to small businesses, and in fact, it's these businesses that will often underplay the risk and wrongly assume that they are too small to be a victim of fraud. It's a dangerous standpoint to take, as in actual fact small businesses have ranked highest in fraud frequency. Combined averages from 2002 to 2018 show that the frequency of small business fraud is at 28% compared to larger organisations at 22-26%. 

Our quiz looks at the different types of scams that commonly target small businesses; invoice fraud, overpayment scams, business loan scams, phishing scams, cyber security scams and domain slamming. Each of these scams work differently, and present themselves in different ways. The only real way to avoid them is to know what to look out for.

Each question in our eight-part quiz puts you in a different situation where you could be vulnerable to a scam. Perhaps you receive a suspicious email or phone call, or a strange and unexpected letter. How do you react? The quiz gives you three actions for you to choose from to determine whether you are scam-savvy, or in the scam danger zone. 

Upon completing the quiz, you are given your overall score. If you score below five, you may want to download our comprehensive guide to small business fraud. You'll be given this option upon completing the quiz. If you score five and above, you have a good understanding of scams - but can you ever be too careful? Our guide will help you read up on and understand these scams further, which will hopefully put you in good stead for the future, as fraud is an industry that is ever-evolving.

Click here to take our quiz for yourself and find out if your business could be a fraud target.