Consumers frequently fall victim to fraud and scams but businesses are also at risk. Scams involving small businesses result in financial losses of approximately $7 billion annually, according to a 2018 report from the Better Business Bureau and Federal Trade Commission.
Not only can scams result in lost profits, but resolving them can cost you valuable time. Scams can also be damaging to your business reputation and cause customers to lose trust in you. Knowing how to defend against scams can protect your business from those negative impacts.