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No business is immune to fraud. From the mom-and-pop shop to the international corporation, every organization must take measures to prevent this type of activity. Following are five strategies that will be of great help in achieving this goal.

Know Your Employees

Employees form the backbone of the business; thus, they may be a strength or a weakness when it comes to your company’s safety and security. If an employee isn’t taking steps to prevent fraud, he or she puts the entire organization at risk.

Make certain all employees are trained in the handling and use of confidential information. In addition, conduct a background check on each person hired and make use of dome security cameras to be certain these individuals can be trusted. One can never be too careful with their livelihood, and employers need to remember this. Don’t assume someone who has been with the organization for years remains trustworthy. Keep an eye on all employees at all times.

Protect Against Cyberthreats

Hackers continue to find new ways to breach firewalls and other security measures companies put into place. Every business owner must make it a priority to secure their data and IT infrastructure. This is not a task that can be done and then forgotten. Security measures need to be continuously evaluated to ensure the business remains protected from new threats. Outsource this task if needed using a trusted provider with an excellent reputation.

Hire Trusted Advisors

Business owners frequently go outside of the organization for certain tasks. For instance, an owner likely works with an accountant or financial advisor for tax purposes. Be sure to learn about this person and his or her background. Are they licensed, bonded, and insured? Have formal complaints been lodged against them?

As these people will be tasked with examining the company’s financial records, they have access to confidential information. Make certain they won’t share what they learn with other parties. Again, don’t assume simply because someone has been working with the organization for a number of years they remain trustworthy. Keep an eye on them regardless of how long they have been partnering with the business.

Obtain Insurance

Insurance helps to mitigate losses in the event a business becomes a victim of fraud. Although insurance won’t help to prevent an attack, it makes it easier to recover if or when one does occur. This is one type of protection no business should be without, as recovering from fraud can be both time-consuming and costly. Having assistance with this task makes the process easier for all involved.

Secure Access to Sensitive Areas Within the Building

Businesses must remain open to customers, but this does not mean any person entering the location should be allowed to roam freely throughout the building. It’s best to secure those areas containing sensitive information from prying eyes. This may be done in a number of ways. However, many business owners opt for a key card system that records who is entering or exiting an area and when they do so. In the event a problem arises, it becomes easier to determine who was present in the area at that time.

Put fraud measures into place today. An attack may occur at any time. No business owner wants to find they delayed only to fall victim to a fraudster. By acting now, this will no longer be a concern.

 

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