Criminals are more active than ever when is comes to tricking small business owners into handing over cash or sensitive banking information. It’s estimated that five percent of business revenue is lost to fraud each year, according to the Association of Certified Fraud Examiners. Learn more about how you can protect your business from fraud.

What is identify theft and how does it occur? According to the FTC, identity theft occurs when someone uses your personal or financial information to make purchases, get benefits, file taxes, or commit fraud. It usually occurs due to a data breach where your personal information was stored somewhere and stolen. You can also become a victim if you provide your personal information to a malicious caller or if one of your personal passwords are compromised.

The simplest way to protect yourself from fraud is to be aware. Recently during the pandemic, there’s been an increase in scammers making fake calls asking consumers to make payments with gift cards. Gifts cards are not to be used to pay the IRS, social security, tech support, or a family member.