Online fraud is an umbrella term that refers to the schemes cybercriminals use to steal sensitive data such as personally identifiable information (PII), which enable them to commit identity theft and other crimes. According to the Association of Certified Fraud Examiners, fraud cost companies worldwide an average of $8,300 a month in 2020.
Alarmingly, 48% of small businesses in Canada and the United States still believe that they are not big enough organizations to be targeted by fraud; hence, they don’t enforce proper safeguards against it.