Last year, total fraud for businesses and consumers reached an astounding $56 billion dollars. Employee theft, identity scams, and other forms of fraud result in tremendous losses each year — and yet, there are still businesses that don’t have the proper means to protect themselves.

While it’s nearly impossible to eliminate all risk of fraud, businesses can put measures in place that deter bad actors or prevent significant losses.

What’s the best way to protect your business? Setting up a fraud hotline.

Risks Associated with Not Having a Fraud Hotline

Business owners have a responsibility to take care of their customers, their employees, and their profits.…