How to Protect Your Business from Fraud

How secure is your business against fraud, cybercrime, and identity theft? If you want to ensure that you’ll never be a victim, it’s very important that you take the precautionary measures to protect your business. Here are some of the best ways to do just that.

1. Make Sure Your Credit Cards and Bank Accounts Are Well Protected
This is the common area where fraud often occurs. Not only with personal account, but more especially in business accounts. So, to prevent that from happening, it’s highly advisable to separate your personal accounts to your business accounts. Through this, you’ll be able to ensure that in case someone managed to steal your money, they won’t be able to take everything. Of course, if this ever happens, you also should report them, and hire a lawyer. Truitt Law Offices specializes in helping those who have become victims of fraud.

2. Use Your Card with Great Caution
As a business owner, you also should be responsible with how you handle your cards. That means you should never let an employee know your card or account number, as this can be very risky. If possible, try to switch pay the bills online and make sure that your bills are properly secured. Furthermore, a mailbox for sending and receiving bills can also help you organize everything. If you don’t have one, depositing it to your post office could also help.

3. Monitor Your Online Banking Regularly
Make it a habit to check your online banking every day. Through this, you’ll discover if there are any suspicious activities and you can report it right away.

4. Train Your Staff
New employees are always at risk. That’s why they are also considered to be the biggest point of vulnerability when it comes to fraud. As a first line of defense, it’s important that you hold some seminars and training sessions to educate your employees how to protect your assets. This involves teaching them that they should never reveal any sensitive information about the company, to strangers, or even to another company.

5. Pay Attention to Your Employees Behavior
As a business owner, you should be aware and update of what’s happening within the company. Pay attention to your employees’ behavior. If they are doing or acting suspicious, don’t ignore it. Instead, consider it thoroughly. This should be done especially for employees who have access to sensitive information about the company, as well as to those who are managing the finances. If an employee has been working for extra hours. Don’t shrug this off, or thing that he/she is very dedicated and loves what he’s doing. Although this can probably be true, it would be better if you monitor his actions as well.

6. Insure Your Business
For the past few years, more and more businesses are experiencing fraud. Even those who are very careful. Fortunately, you can secure your company by getting an insurance policy that would protect you from losses due to fraud. Try to find out which bank offers this, and make sure that you review the policy first before fully agreeing.

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