According to veteran Secret Service special agent Paul Masto, businesses are just as susceptible as the private person, and should take precautions to ward off attacks against the business and its clients.

Masto spoke to some 100 clients, employees and executives of City National Bank during its business forum at Spiedini's restaurant in the J.W. Marriott in northwest Las Vegas Oct. 10.

After 25 years of service, Masto retired from the Secret Service and started his own company, Universal Security Specialists. As a special agent, Masto served on Ronald Reagan's presidential detail, as well as details for vice presidents and candidates for president. He's also the husband of Nevada Attorney General Catherine Cortez Masto.

"It's a little late for all of us because our information is (already) out there," he said. "You reside in the databases."

So to dampen the likelihood of becoming an identity theft victim, Masto said one of the most important things to do is to vigorously monitor credit reports and to opt-out of personal information companies sell to others.

"You must do the due diligence," he said. "You have to reconcile your statements every month. All of us need to take responsibility for ourselves."

According to the Federal Trade Commission, there is no way to prevent identity theft, but there are steps consumers and businesses can take to reduce the risk, including reviewing credit reports.

Free credit reports are available annually from the three national credit reporting agencies at annualcreditreport.com.

City National spokesman Paul Stowell recommended the use of a monitoring service if unable to watch over accounts oneself.

"It's amazing what's available to individuals who want to perpetrate a crime. You have to be vigilant in protecting yourself," he said. "Be more informed. That's the bottom line."

The Association of Certified Fraud Examiners estimates that businesses lost hundreds of billions in revenue last year to fraud. According to the association's annual survey in 2006, surveyed businesses lost an average of 5 percent of their revenues to fraud. When applied to the U.S. gross domestic product, the amount lost is estimated at $652 billion.

Another problem businesses face is the use of counterfeit bills.

At the Secret Service's Las Vegas field office, $265,000 in counterfeit bills has come through the office, Masto said.

"Counterfeit bills are stacked from the floor to the ceiling in Las Vegas," he said.

Tools to help business owners catch counterfeit bills before they land in the cashier drawer include black lights and magnifying glasses. And, of course, knowing what to look for in legitimate treasury notes.

"If you handle cash, you need to be aware of the security features on currency," he said.

But even all the tools won't catch every bill. Suspected state-sponsored counterfeiting in North Korea can only be detected through forensic analysis of the paper the bill is printed on, Masto said.

In other news:

• Bank of America has launched its free Small Business Online Community to help small-business owners network among their peers. The Web site is open to any small-business owner, regardless of whether or not the business has accounts with the bank. Forum topics on the site include business opportunities, money matters and running a business. There are also expert articles and success stories posted. To access the site, visit bankofamerica.com/sbcommunity.

• Wells Fargo bankers at its recently opened location of Horizon Ridge Parkway and Stephanie Street are offering free financial reviews to the community, through a financial evaluation and suggestions to strengthen the consumer's fiscal foundation.

The branch, which opened on Oct. 10, is Wells Fargo's 79th outlet in Southern Nevada. The branch, located at 213 S. Stephanie St. in Henderson, is expected to offer a slew of financial services, including individual and business banking, mortgage and investments. Call 791-7860.

• The state Employment Security Council has recommended lowering the unemployment insurance tax employers pay, from 1.38 to 1.33 percent. The council is part of the Nevada Department of Employment, Training and Rehabilitation.

In a statement, Cynthia Jones, administrator for the department's Employment Security Division, said, "The bureau reported new jobs are still being added to the economy despite concerns over the negative impacts of the housing slump. Lowering the rate does not endanger the trust fund, but it does provide a tax break for businesses and provides some economic stimulus for the state.

If approved, the new rate will be effective Jan. 1. A public hearing is planned before the administrator makes a final decision.