June 13, 2025

Lessons from a $65K Theft in Business Banking

8 minutes

Show Notes:

In this episode, I’m diving into a real-life business fraud case that serves as a wake-up call for practice owners everywhere. I’ll walk you through the shocking details of how one business fell victim to internal fraud—and the overlooked vulnerabilities that made it all too easy. As I break down this case, we’ll take a hard look at possible business banking security shortcomings that many dental and healthcare practices unknowingly expose themselves to every day.

One of the biggest misconceptions I tackle in this episode is the belief that your CPA is responsible for catching fraud. Preventing fraud is not a responsibility designated to CPA's from the AICPA. I’ll explain why relying on your accountant or bookkeeper for fraud prevention could be a dangerous mistake—and what you should be doing instead.

With so many practices increasingly dependent on online payment portals, the convenience comes at a price. The truth is, high online portal usage combined with low security measures creates the perfect storm for fraudsters. I’ll share what to look out for, where most practices drop the ball, and how to shore up your defenses without slowing down your operations.

What you'll hear in this episode:

[0:40] Real-Life Business Fraud Case

[1:50] Business Banking Security Flaws

[3:25] Preventive Measures for Fraud

[4:05] Preventing Fraud is Not a CPA's Responsibility

[5:50] High Online Portal Use

[6:40] Low Security Measure for Online Payment Portals

Learn more about Tooth and Coin's services: https://www.toothandcoin.com/

Watch full episodes on YouTube: https://www.youtube.com/@Dentistmetrics

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