Intuitive Accountant and Scaling New Heights hosted a web seminar recently with Joe Woodard and Frank Abagnale. If you missed the event, you missed some very interesting facts that I will try to share with you as best as I can. I was monitoring the chat window in GoTo Webinar while he spoke, so I missed some items, but the ones I picked up are pretty enlightening. You can view the entire web seminar by clicking HERE.
1. Embezzlement is the leading fraud impacting small businesses and the average
embezzlement loss is $155,000. Can your business or your clients afford that type of loss?
2. The only shredder you should use is called a "Security Micro Cut Shredder". According to Frank, even the FBI can't recreate documents that have been run through this type of shredder.
3. Everyone should have a credit monitoring service. I have a FREEZE on my credit, which he says is still not good enough. It may be time to check into monitoring.
4. Copiers are the number 1 source for ID Theft. Copiers have hard drives which store everything that is copied on them. Check out this video from CBS News on the topic. You will think twice before copying ANYTHING!
5. The Federal Government of the United States paid (last year, I believe, but I may have the year wrong) $5.6 Billion in Fraudulent Tax Refunds; $6 Billion in Fraudulent Child Tax Credits and $3 Billion in "Food Stamps". Way to go FEDS!
6. Lastly, Mr. Abagnale encouraged everyone to visit his website www.abagnale.com for FREE resources and updates on fraud.
These were just the "nuggets" that I pulled from the event. I am sure there are more. We will publish a transcript of the event in the next week or so and you view the archive HERE.