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3 Tips on Protecting Your Business against Fraud

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Whether you’re running a startup business or a multinational company, if you do not have the right measures in place, you’re likely to fall victim to fraud sooner or later. It’s very important to understand that cybercriminals usually develop new strategies just as fast as cybersecurity companies can come up with solutions.

This means that you and your business have to progressively develop better measures that will keep you ahead of these incidents. While it might be hard to run a fraud-proof business, there are still better measures you can implement to deter fraudsters and protect your business from fraud.

Safeguard your computer systems

If you want to protect your business from fraud, safeguarding your computer systems is one of the most efficient ways you can do it. You need to ensure that you and your employees set up the strongest passwords you possibly can for the computer systems.

After coming up with strong passwords for your computer systems, it’s also very important that you instruct your employees to change them every 60 to 90 days.

Another effective way you can safeguard your computer systems is by having a sturdy firewall in place to safeguard the important business data and antivirus software that will alert you of any impending data breaches. This will ensure your business is ever protected from the fraud supply chain.

Even with all these measures in place, you want to ensure that you back up all the files daily and keep them offsite. This ensures that even in the event of a data breach, you and your employees can still retrieve some of the important files needed for the continuity of your business.

Run an employee background check

While it’s very important for your business to employ qualified individuals, it’s also very important to ensure that they’re trustworthy. There have been many cases in the past about businesses employing people who had ill motives from the onset.

These people end up getting access to very crucial data and selling it to hackers or even using it to defraud your business. Nowadays, relying entirely on good work history or even references from your friends and colleagues is very risky.

This is because you cannot exactly tell a person’s character before working with them. However, conducting a thorough background check on every individual before you hire them can help save your business a lot of trouble down the line.

Many companies out there provide these services to all kinds of businesses, and the best part is that they’re not as costly as you would have thought. For about $50, you can get a full background report of any individual you want.

So next time after you’ve narrowed down your potential employees, try running a background check on them to ensure that they’re the best fit for the job. Also, it’s very important to ensure that you have the proper permission before you proceed with such a quest.

Protect your bank accounts

One of the most important things you can do to protect your business against fraud is by safeguarding both your personal and business bank accounts. It’s even better if you create a separate personal bank account and a business one.

This ensures that in case hackers gain access to one of your accounts, they won’t have access to the other. Also, before you open an account with any bank, ensure that you go through their security measures, especially for online banking, to ensure that your transactions will be secure.

If there is a need to give your credit cards to your employees, ensure that there are fraud protection measures in place that can alert you when they spend over a certain amount.

It’s also very important to carry out most of your transactions online to ensure fewer to no paper bills in your office. This ensures that your banking information doesn’t fall into the wrong hands by mistake.

Conclusion

Every business is unique in its own way, which means the measures you take might not work for the next business. However, the above tips will guide you in making your business as fraud-proof as possible.

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