Ridout Barron

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Business law: Separate myths from real fraud threats

Business owners in Alberta have to deal with potential fraud risks along with all of their other efforts to keep afloat. Some are proactive and seek the guidance of a lawyer with experience in dealing with business laws to separate myths and reality when it comes to fraud threats. Reportedly, more than half of all organizations in Canada fell victim to fraudsters in 2017.

One of the myths that make businesses vulnerable is believing that they will quickly spot a scammer, but arming themselves with valuable information about the methods fraudsters use is quite a task. Some say scammers only target large businesses. However, surveys by The Canadian Federation of Independent Business show that one in five small and medium enterprises have been victims of fraud.

Some business owners believe that it would not be in their best interest to report fraud, and they have different reasons. Authorities urge business owners to report all fraud activities to help law enforcement better protect businesses from victimization by fraudsters. The belief that scammers never target the same company more than once is a myth. Employers are advised to use one such an attack to teach employees about fraud prevention because easy targets will remain in the sights of fraudsters.

Being victims of fraud can have devastating consequences on the bottom line of any business in Alberta. Learning to recognize red flags and identify weak spots in the fraud prevention measures will give business owners a better chance to avoid falling victim. The support and guidance of a lawyer with experience in all aspects of business law could be invaluable in prevention. A skilled lawyer can be equally valuable in the corner of business owners who have already been the targets of fraud.

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Ridout Barron

802 13th Ave SW
Calgary, AB T2R 0L2
Phone: 587-315-8454
Fax: 403-271-8016
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