business fraud

Business Fraud on the Rise: Analyzing a Groundbreaking Report

A new report issued by LexisNexis Risk Solutions has provided some shocking statistics on business fraud, which is a serious issue plaguing companies throughout Maricopa County, Arizona, and the rest of the country. A business fraud lawyer in AZ from Weinberger Law analyzes the report in today’s post so you have a better understanding of business fraud and how you can protect your business.

Risk Solutions: Taking a Deeper Dive

The report from LexisNexis Risk Solutions provides the following key statistics:

  • Six out of every 10 lenders saw an increase of business lending fraud at the small and midsize levels over the last two years
  • The average increase was 7.3 percent
  • Twelve percent of lenders experienced a double-digit increase in small business lending fraud
  • Almost 11 percent of total losses were attributed to small business lending fraud in the last year

Examples of Small Business Lending Fraud

Some examples of small business lending fraud that our Arizona business lawyer has dealt with include the following:

  • Identity theft
  • Fake businesses
  • Synthetic identity fraud
  • Taking over business accounts

Protecting Against Business Fraud

It is impossible to completely protect yourself or your business from fraud no matter how hard you try. Business fraud happens all too often today, which is why you should consult with a mediation attorney in Maricopa County. Individuals most often experience business fraud when dealing with a real estate contract or when remodeling your home with a contractor. 

For example, when a contractor promises to remodel your bathroom, takes a deposit from you, and does not return to finish the project. Or, the contractor completes the project but uses inferior products compared to what he or she specified in the contract or agreement with you.

How a Business Fraud Attorney Can Help

A business fraud attorney can help your small business recover from fraud. With more than three decades of experience, Weinberger Law will fight for your company so you can resume normal business activities. We understand the struggle of running a small business and how any little thing can hurt your financial situation. We will conduct a thorough investigation into the fraud, how it happened, and how you can update your policies and security to prevent fraud in the future.

Business fraud can make you feel helpless as a small business owner. Don’t let the actions of one employee, vendor, contractor, or other person affect the operations and financial security of your company. An Arizona mediation attorney from Weinberger Law can help get your business back on track. 

Concerned About Business Fraud? Contact Weinberger Law Today

Ready to have a master mediator by your side? At Weinberger Law, we are powerful warriors, and that’s not just a tagline. We fight tooth and nail to achieve the best outcomes possible for our clients, and we’ll do the same for you. Fill out our online contact form or give us a call at (480) 536-9991 to get someone to fight on your behalf today.