Fraud growing problem for small business - WALB.com, South Georgia News, Weather, Sports

Fraud growing problem for small business

November 15, 2007

Albany -- Surveys show that 84 percent of small business owners are concerned about fraud in their business finances. The National Small Business Association has declared this fraud awareness week, to educate business owners how to prevent criminal identity theft and fraud.

David Hays says opening his second Hays Pharmacy location on Gillionville Road has required a large investment in his small business, and he has to be concerned about being targeted by criminals through fraud.  Hays said "we've lost as much as thirty thousand dollars a year in fraud from bad checks and other fraud issues, in my business. And that's pretty normal."

Online identity theft, check and credit card fraud, forgery. A survey of small business owner found that eight out of ten believe their business will face increased risk from fraud in the next year. Bank officials agree. SunTrust Group Vice President Joseph Vanden Bosch said "the average loss can be up to one hundred thousand dollars, and to a small business that is a considerable amount of money."

Seeing that problem, SunTrust along with the National Small Business Association has come up with a new online fraud protection program to protect their small business customers.  Vanden Bosch said "fraud inspector, online empower small business owners to view their transactions on a daily basis."

Hays says small business owners like him need all the help they can get to fight criminals who would defraud him, just as he expands his business, creating more jobs and economic development.  Hays said "so we definitely don't need fraud coming in here and stealing what few dollars of profit we have now."

Analysts say fraud will touch two thirds of the small businesses in the South this year, and that is why owners need to keep a close eye on their business finances daily.

 It's estimated that two thirds of all new jobs in the United States will be created by small businesses.

feedback: news@walb.com?subject=smallbusinessfraud

  • More WALB News10 HeadlinesMore News HeadlinesMore>>

  • Last minute Thanksgiving shoppers crowd grocery stores

    Last minute Thanksgiving shoppers crowd grocery stores

    Wednesday, November 22 2017 11:09 PM EST2017-11-23 04:09:31 GMT
    (Source: WALB)(Source: WALB)

    Just hours before Thanksgiving, grocery stores across South Georgia were packed all day long.

    More >>

    Just hours before Thanksgiving, grocery stores across South Georgia were packed all day long.

    More >>
  • Albany Salvation Army needs bell ringers

    Albany Salvation Army needs bell ringers

    Wednesday, November 22 2017 11:00 PM EST2017-11-23 04:00:29 GMT
    Those familiar bells and red kettles are back this year outside of South Georgia stores as the Salvation Army kicks off its annual fundraising campaign. (Source: WALB)Those familiar bells and red kettles are back this year outside of South Georgia stores as the Salvation Army kicks off its annual fundraising campaign. (Source: WALB)

    Those familiar bells and red kettles are back this year outside of South Georgia stores as the Salvation Army kicks off its annual fundraising campaign.  

    More >>

    Those familiar bells and red kettles are back this year outside of South Georgia stores as the Salvation Army kicks off its annual fundraising campaign.  

    More >>
  • Travel period begins, GSP talks safety on the roads

    Travel period begins, GSP talks safety on the roads

    Wednesday, November 22 2017 10:19 PM EST2017-11-23 03:19:28 GMT
    Georgia State Patrol Troopers are cracking down on distracted and drunk drivers this holiday season. (Source: WALB)Georgia State Patrol Troopers are cracking down on distracted and drunk drivers this holiday season. (Source: WALB)

    Millions of Americans hit the roads on Wednesday, headed to their Thanksgiving destinations. Gas stations in Albany were busy with customers filling up their tanks and tires before their journeys.  

    More >>

    Millions of Americans hit the roads on Wednesday, headed to their Thanksgiving destinations. Gas stations in Albany were busy with customers filling up their tanks and tires before their journeys.  

    More >>
Powered by Frankly