Helping your small business customers

by NAFCU Services

by. Nick Buri

The 2014 Deluxe Exchange Conference offers crucial advice on the most pressing topics in financial services. Use code NASC14 to register »

”Life is 10 percent what happens to you and 90 percent how you respond to it.”

This famous quote from Lou Holtz, a college football coaching legend, applies to your role in helping your small business customers with the problem of fraud.

Fraudsters are increasingly targeting small businesses. Consider these statistics: (1) 95 percent of all VISA credit card data breaches involve small businesses, (2) 73 percent of small businesses were hit by a cyber attack in 2011.

Why are small businesses an attractive target?

•    There are over 27 million small businesses (<100 employees) for fraudsters to target.

•    They have more financial assets to exploit than the average consumer.

•    They also store and maintain customer data.

continue reading »