Protect your business from fraud

Published 2:17 pm Tuesday, July 7, 2009

Is your business at risk for fraud? Don’t assume — you need to know for sure.

Fraud is defined as “deception deliberately practiced with a view to gaining an unlawful or unfair advantage.” In today’s business world, “fraud” comes in many unexpected forms.

Yeager & Boyd, LLC, a long-time Shelby County accounting firm, has a division specializing in forensic accounting, tapping into what some experts say is an unmet demand for financial fraud investigators.

Most accountants, including Yeager & Boyd, have played a role over the years in ferreting out shady money-management activities. There is a need for forensic accounting services, particularly in the small business arena, where businesses often struggle with asset misappropriation and corruption, two common forms of small business fraud.

A recent study found that businesses hit by occupational fraud sustained a median loss of $159,000. A quarter of businesses lost $1 million or more. The need for protecting Shelby County businesses, especially those that do not have regular audits, is critical to the continued successful growth of the county’s business community.

The Greater Shelby County Chamber of Commerce is offering a Fraud Prevention Workshop so you can make sure your business is protected. This workshop can help you understand such practices as accepting and processing credit cards, understanding the Fair and Accurate Credit Transactions Act (FACTA), employee screening, PCI Compliance and potential employer and merchant liabilities.

Understanding, recognizing and implementing a plan to protect your business from risky internal and external factors might save your business.

The Fraud Prevention workshop will be held July 23 at the Greater Shelby County Chamber of Commerce in Pelham. Register online at The cost is $10 and the workshop will be 8:30-10 a.m. For more information, call 663-4542.