Small business owners have a full plate when it comes to business worries. Not only do small businesses present unique challenges, but apparently they are increasingly becoming a target for criminals and fraud. So what is a small business owner to do? Eighty-four percent of small business owners are concerned about fraud in connection to their business finances. This is according to survey results jointly released by SunTrust Banks, Inc. and the National Small Business Association (NSBA). The "Foil Fraud" survey also showed seven out of 10 small business owners are more concerned about fraud now than they were a year ago. The online survey, conducted independently for SunTrust and NSBA, included more than 500 small business owners in the Southeast U.S. to identify the biggest concerns regarding fraud in small businesses. The survey included small business owners from the following areas: Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Tennessee, Virginia, West Virginia and Washington, D.C. "The survey reinforced that fraud is a very significant issue for small business," explained Todd McCracken, president of the National Small Business Association. "The reality is that a good number of entrepreneurs are being targeted by criminals trying to defraud them. Responsible for creating two-thirds of all net new jobs in the U.S., the last thing America's small-business owners need is to be a faced with the crippling effects of fraud." According to the survey, nearly six in 10 small business owners (58 percent) believe they currently are unarmed to fight fraud -- agreeing that businesses of their size have limited options to safeguard against fraud. This sense of vulnerability is increasing as the majority of small business owners (eight in 10) believe their businesses may face more risk from fraud over the next few years. The survey further found that respondents were in fact in need of education about protection and proactive measures provided by their financial institutions to help protect their business against fraud. In fact, respondents asked that their financial service provider work to "make [them] more knowledgeable about what to look for regarding fraud." Overall, 82 percent of small business owners surveyed wish there was more information available about preventing fraud in their businesses. Other key findings of the study were: - Although online identity theft topped the list of concerns (65 percent), check fraud (45 percent) and credit card fraud (52 percent) were the most frequently experienced types of fraud.
- With fraud striking small businesses an average of six times, it is apparent that fraud is a detriment to the livelihood of a small business-resulting in tens of thousands of dollars in losses.
- Of the 82 percent of small business owners stating they wanted banks to offer more help in fighting against fraud, 46 percent were either unsure or reported that their bank does not offer online fraud detection services.
For more results from the survey and how small business owners can empower themselves to prevent becoming victims of fraud visit: http://www.suntrust.com/foilfraud. You can also learn more about the National Small Business Association at www.nsba.biz. | 
