Page 32 - Fall 2019 JMSB Newsletter

Frauds, embezzlers, thieves, and other bad actors: how criminals steal your profits and put you out of business
Abstract
Shoplifting, fraud, embezzlement, and now cybercrimes are only a few of the many types of crimes business owners lose sleep over. Business owners lose profits, sometimes significant profits, and small businesses are affected to any even greater extent. Small businesses often lack the resources to defend their business against various criminal activities and may not be able to recover from large losses. The U.S. Chamber of Commerce reports that as many as 30% of small business failures could be attributed to embezzlement or employee theft. And to make matters worse, thieves are becoming more sophisticated in the use of high- tech tools to steal. In this paper, the authors provide an overview of current criminal activity
and offer several ways to address the situation.