March is Fraud Prevention Month, providing an excuse for small businesses to take a look at the security measures they have in place, their effect and their relative adequacy.
One such company, BMO Bank of Montreal, released a survey Thursday that shows the majority of Canadian small business owners believe their fraud-prevention strategies are substantial, but a strong minority are ill-equipped to handle the growing threat.
"Fraud is a direct threat to the success of our business customers," said Gail Cocker, senior vice president of commercial banking at BMO Bank of Montreal. "In today's world, business owners must understand and manage multiple risks. Fraud is an operational risk that must be managed proactively."
According to the study, 80 percent of respondents agree they have enough resources to protect against fraud, while 17 percent claimed they do no believe so.
As digital technology continues to develop and cyberattacks become more widespread, data theft and consumer fraud may begin to target weak or unsuspecting small businesses. While cybersecurity technology is also expected to improve, there is substantial risk in putting off such investments.
