“Fraud Is Getting Smarter—and Businesses Need to Move Faster,” Secretary Thomas Warns at Women-Owned Business Day

Press Releases

04/09/2026

(Hartford, Connecticut) — Business fraud is no longer a distant or obvious threat. It’s sophisticated, fast-moving, and increasingly difficult to detect until the damage is already done.

That was the clear message from Connecticut Secretary of the State Stephanie Thomas during a “fireside chat” at Women-Owned Business Day at the Capitol on Wednesday, where she urged entrepreneurs to take simple, proactive steps to protect their businesses.

“Fraud has gotten quite sophisticated, and it’s global,” Secretary Thomas said. “In many cases, you don’t even realize it’s happening until after the damage is done. Prevention is always easier than trying to fix it later.”

In Connecticut alone, businesses reportedly lost approximately $90 million to fraud in 2024, underscoring the growing scale of the threat.

During the conversation with Fran Pastore, chief executive officer of the Women’s Business Development Council (WBDC), Secretary Thomas pointed to a category of scams known as “business hijacking,” where bad actors file fraudulent documents to alter ownership records, open accounts, or take out loans using a legitimate company’s identity.

“These aren’t just large corporations being targeted,” she said. “We’re seeing this impact small businesses, sole proprietors, and home-based businesses just as much.”

Secretary Thomas emphasized that while the threat is evolving, the most effective protections remain straightforward, practical, and accessible.

Among her top recommendations:

• Enable real-time alerts on business records

• Regularly check business and personal credit reports

• Learn and maintain best cybersecurity practices

“These are simple steps,” she said, “but they can make a significant difference.”

The Secretary of the State’s office has expanded tools to help business owners monitor activity and flag suspicious changes earlier as part of a broader effort to respond to emerging fraud trends reported by Connecticut businesses.

Beyond fraud prevention, Secretary Thomas challenged business owners to rethink civic engagement as not a political exercise, but as a practical necessity.

“Civic engagement isn’t partisan, it’s operational,” she said. “Decisions are being made that affect your business every day, whether you’re paying attention or not.”

She noted that thousands of bills are introduced each year in Connecticut, many with direct implications for small businesses. Too often, business owners aren’t part of the conversation and don’t realize when laws are passed that may affect them.

Secretary Thomas urged entrepreneurs to stay engaged and actively advocate for their interests. She said even small, consistent actions can shape outcomes: tracking legislation, attending local events, and contacting policymakers.

“Don’t delegate your voice and your power,” she said. “It hits very differently when elected officials hear directly from the people affected.”

Women-Owned Business Day brings together Connecticut entrepreneurs, policymakers, and business leaders to discuss the issues shaping small businesses across the state and to strengthen connections between the business community and public officials.

Secretary Thomas said events like Women-Owned Business Day and organizations like WBDC play a critical role in equipping business owners with both the tools and the knowledge they need to succeed in an increasingly complex environment.

“Our job is to make things simpler, safer, and more transparent,” she said. “But the more informed you are, the more control you have—not just over your business, but over the environment it operates in.”

She encouraged business owners to take immediate steps to stay connected, including visiting Business.CT.gov, following the Office of the Secretary of the State on social media for real-time alerts, and signing up for programs like the Civically Engaged Organization (CEO) initiative at CEOpledge.CT.gov.

“The businesses that stay informed are the ones that stay ahead.”

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