UMKC TalentLink presents “Fraud Prevention and Cybersecurity: Protect Your Business and Customers,” a workshop on May 8, 11 am-1:30 pm. Led by Focused Forensic Solutions President Krista Shelton and Lockbaud Founder Sam Sapp, the workshop includes proactive measures for small businesses to protect operations from fraud and cyber threats.

Workshop facilitators Krista Shelton and Sam Sapp

According to the Association of Certified Fraud Examiner’s Report to the Nations, the average fraud case endures for 12 months and incurs a significant loss of $100,000 to the business. “Fraud and cybersecurity are escalating concerns for small businesses,” says Shelton. “This trend underscores the pressing need for vigilance and proactive measures in safeguarding small enterprises against financial crimes.”

Fraud may encompass billing, payroll, expense reimbursement schemes, and identity theft. These deceitful practices can slip unnoticed into daily business operations.

“A basic understanding paired with simple, yet effective, fraud prevention measures can significantly enhance the security of small businesses and their clients,” says Shelton. “These initial steps not only offer a layer of protection but also instill a sense of confidence in your financial safety.”

Cybersecurity also threatens the livelihood of small businesses. “Small businesses are more often becoming the target for cybersecurity and fraudulent activities by bad actors. The reality is that businesses aren’t prepared, and they are more likely to succumb to easier tactics,” says Sapp.

The Identity Theft Resource Center’s 2023 Business Impact Report indicates that 73% of owners or leaders of small and medium-sized businesses shared they had experienced a data breach, a cyberattack, or both in the previous 12 months. 43% of organizations reported first-time attacks, impacting businesses in financial services, retail, hospitality, and other industries. 47% percent of businesses surveyed incurred a loss of $250,000 or less and 26% experienced financial impact between $250,000-500,000.

Fraud, phishing, and other costly illegal acts are increasing in frequency and complexity. Small businesses can take measures to be prepared.

“It takes modern solutions to combat a modern threat, including a modern understanding of the threat,” says Sapp. “This presentation gets you up to speed on the modern tactics your office can prepare for to protect systems.”

Register for the workshop HERE.

Brian Watts contributed to this story.