“Fraud and cybersecurity are escalating concerns for small businesses,” says Krista Shelton, president of forensic accounting and fraud investigation firm Focused Forensic Solutions. “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. This trend underscores the pressing need for vigilance and proactive measures in safeguarding small enterprises against financial crimes.”

Fraud is a costly, time-consuming issue. Shelton and cybersecurity expert Sam Sapp of Lockbaud lead a fraud prevention and cybersecurity workshop on May 8 that can you help protect your business and customers. Below, Shelton shares more insight on fraud and how the workshop can prepare business owners.

What forms of fraud are there? It has never happened to me or my business (as far as I know). It’s hard to keep up to date and informed when I’m trying to run a business.

The landscape of fraud encompasses various schemes, notably billing, payroll, expense reimbursement schemes, and identity theft. These deceitful practices can slip unnoticed into daily business operations. Staying informed through resources like our workshop can provide crucial knowledge to protect your business against these threats.

I suspect fraud or cybersecurity might be an issue that’s impacting my business. Will this workshop identify the best next steps?

Yes, our workshop is designed to address precisely these concerns. We will discuss the development of adaptable fraud response plans suitable for any business size, offering you actionable steps to identify and mitigate potential fraud and cybersecurity issues.

The median loss is $100,000 for a business where a fraudster has worked for an organization from one-five years.

Is fraud or cybersecurity a one-time occurrence? Or can a business or individual be targeted again?

Unfortunately, neither fraud nor cybersecurity threats are one-off incidents. Businesses and individuals may face repeated targeting. Continuous training and the implementation of robust policies are essential in fostering a resilient defense against these ongoing threats.

How can training and policies help with these potential issues as an ongoing process? I’m busy trying to run a business.

Implementing training and policies serves as the backbone of fraud prevention and cybersecurity. They cultivate a culture of awareness and preparedness within your team, ensuring all members are equipped to recognize and respond to threats. Our workshop aims to streamline this process, integrating seamlessly with your business operations without imposing on your valuable time.

What does the workshop cover? Can’t I just read an article online to get tips?

One compelling reason to attend our workshop is the opportunity to learn from real-life scenarios of fraud and cybersecurity breaches. We cover the latest technologies and trends in fraud prevention, providing you with advanced insights to stay ahead in safeguarding your business. This workshop is an investment in your company’s security and future success.

Fraud Prevention and Cybersecurity Key Topics Include:

• Understanding the Threat Landscape: Dive into occupational fraud, such as billing and payroll schemes, alongside the cybersecurity aspects like phishing and social engineering.
• Foundations of Fraud Detection: Explore the Fraud Triangle and learn to spot key indicators of fraudulent activity; both in your office and your clients’ businesses.
• Building a Culture of Security and Vigilance: Implement policies, conduct training, and leverage technology to fortify your office against fraud.
• Case Studies: Lessons from real-world scenarios.

Krista Shelton, CFE, is president of Focused Forensic Solutions, a forensic accounting and fraud investigation firm that specializes in organizing and analyzing complex financial and other relevant data and providing results in accurate and timely summaries and reports. Prior to forming FFS, Krista Shelton served as a Special Agent with the Internal Revenue Service, Criminal Investigation, for nearly 10 years.

Cybersecurity expert Sam Sapp is the founder of Lockbaud, a technology support firm with a strong emphasis on cutting-edge cybersecurity and exceptional customer experience. 

Workshop includes a 30-minute break for lunch (supplied). Missouri CLE credit is approved for 2.5 hours. Kansas CLE credit is pending approval.