You always hear stories about fraud being committed against individuals, but what about businesses?
Every industry can be susceptible to some type of fraud if you aren’t careful. Have you taken any steps to protect your business?
You can’t monitor every area of your company at all times, but by adopting the security precautions outlined below you can start to protect your finances, reputation and company wellbeing.
Protect your bank accounts
Thoroughly protect your business against financial theft by auditing and controlling the flow of money coming in and out of your company bank accounts.
As the owner of the company, your personal and business bank accounts should be kept separate so that if hackers gain access to one, they don’t have information to the other as well. You can even implement two-step authentication to make it harder for prospective hackers to gain access to your information.
You should also ensure that only a trustworthy few have access to the company’s banking information.
Safeguard your computer systems
Equip your computer systems with anti-virus software programs, firewalls, and anything else that will detect security breaches as soon as they happen.
Ensure that the passwords you devise for company computers are long and difficult to guess, consisting of numbers, and capital and lower case letters.
Your business data privacy is essential to the smooth running of your business, and aside from protecting yourself you should consistently back up your files.
Invest in insurance
If something goes missing and a fraudulent attack occurs, your business should have an insurance plan that will financially reimburse you. You shouldn’t have to suffer the consequences of a theft; especially if you did everything you could to safeguard your company up until this point.
Internal fraudulent claims
In order to keep your business information safe, you need to look out for internal fraud.
Have you done employee background checks, and made sure that the people who are working for you are trustworthy?
Aside from financial theft, you can be susceptible to employee injury fraud. If you promote a safe work environment and abide by health and safety regulations but a worker is claiming they were falsely injured on the job, you should recognize the red flags right away. If the accusations go too far, you can protect your company’s reputation by hiring the injury claim attorneys at Charleston Lawyer to help you.
Be prepared for the worst-case scenarios so that your company won’t have to take a financial toll for fake injury claims.
If you have a small or medium sized business, it’s more important than ever to have a sophisticated system in place that will protect you from any type of fraudulent activity.
You could even conduct audits across different sectors of your business to see if anything appears irregular. If a large chunk of money goes missing from your business accounts, it’s time to take serious action. Protect your business from an early stage and you will reduce the likelihood that something will go wrong.
