5 Ways You Can Protect Your Business from Fraud

Fraud is on the rise, especially now that most documents are stored digitally and hackers find more and more ingenious ways to illegally access computers. Protecting your business from potential fraud should be one of your top priorities, regardless of the industry you’re operating in. Fraud does not only extend to financial fraud. Important and confidential documents that can be used to impersonate another entity are also highly valued. Fraud can also happen on the road with false insurance claims. The following are five ways you can protect your business from falling victim to one of the many scams that business owners have to contend with.

Install a Dash Cam

If you run a logistics company or if your business involves spending large amounts of time on the road, it would be a wise decision to invest in a dash cam. Many modern dash cams upload real time footage to cloud servers and it is then stored for you to easily access when you need. Should you be involved in an accident, the process of exonerating your company from false claims will be far easier if you have the footage of what happened. If you are unsure which type would be best for you and your business, you can review a guide on how to select the best dash cams for your fleet.

Secure Online Banking

Most banks now provide 24-hour secure online banking. Using the services they provide will help you to protect your business and money. Regularly check your accounts and look to see if there are any discrepancies. Purchases out of the ordinary or having less money than you thought should be immediately investigated and reported to the bank if you suspect you are a victim of fraud. Online banking also gives you the opportunity to have a paper trail of all your financial information, allowing you to manage it more efficiently and safely.

Protect Computer Systems

Computers connected to the internet are vulnerable so it is essential that they have the latest software to protect them. If you don’t, you are leaving your files and information at the mercy of hackers. You must also ensure your staff are fully trained in protecting your computer systems and they are aware of potential phishing attacks through emails. Taking the time and, if necessary, money to train your staff on the vulnerabilities of your systems will increase your protection and lessen the threat of fraud.

Guard Sensitive Documents

Hardcopies of documents are also at risk of being used to commit fraud, so make sure you take steps to prevent this. Shred any confidential or important documents and dispose of them so that someone else cannot use them. If you must, keep your documents in a safe. Most banks now also allow you to opt out of paper statements, which gives you the option of not having sensitive financial information lying around that could be used by scammers.

Correct Insurance

You must ensure that you have the proper insurance to cover embezzlement, forgery and credit card fraud. If you don’t have the correct insurance, you will find yourself unable to claim back any losses.