Small businesses are a tempting target for scammers. By nature, small business owners and entrepreneurs are often pressed for time and many lack the resources to thoroughly investigate or fight fraud.
Just how great is the risk? According to the Federal Trade Commission, marketplace scams were responsible for depleting the U.S. economy of over 1.4 billion dollars in 2012, the first year that it received over 1 million marketplace fraud complaints. Even though the FTC has taken steps to reduce the risk to small businesses and occasionally shuts down a scam operation, it seems many more are just waiting in the wings for an opportunity to pounce. [Read more...]