Tips for Fraud Prevention

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Fraud prevention isn’t about expecting the worst instead it’s about taking steps to limit your business’ exposure to certain risks. By following these simple tips your business can begin to protect itself against the threat of fraud:

Educate Your Employees

The first step in protecting your business against basic forms of information theft is to educate your employees about creating secure passwords, changing passwords often and keeping those passwords safe. Also, ensure they know how to spot the red flags of fraud and what to do when an email is received from an unrecognized sender.

Implement Clear Policies

Without clear policies around fraud and theft, employees may not realize what the impact their actions have on your business or what the ramifications may be for them.

Keep Detailed, Accurate Records

Being organized and on top of business operations can go a long way toward shielding your business from fraudulent activities. Reconcile bank accounts daily to detect any irregularities.
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Do Your Homework When Hiring

Taking the time to do thorough reference checks is critical for both employees and contractors. For certain positions, you may also wish to expand your recruitment process to include background checks.

Enable Whistle Blowing and Encourage Transparency

A significant number of fraud incidents are uncovered by whistle blowers and third parties. Having systems in place that enable employees to anonymously report tips are essential to dealing with fraud in your business. Encourage your employees to question instructions that seem odd or out of place and to verify legitimacy of emailed instructions concerning payments.
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Secure your Systems

Ensure your systems are protected and have the most up-to-date Antivirus, Anti-malware protection and that your firewall has the latest updates installed. Schedule regular off-site backups so that your system can recover from a malicious cyber-attacks.
Fraud prevention is like any other kind of prevention, it’s easy to put off thinking about it until something goes wrong. However, fraud can have a serious impact on your bottom line, and in some cases, serious enough that your business may not be able to recover.
Eileen Newbound is the Office Manager at Triella, a technology consulting firm specializing in providing technology audits, planning advice, project management and other CIO-related services to small and medium sized firms. Eileen can be reached at 647.426.1004 x 221. For additional articles, go to is a VMware Professional Partner, Microsoft Certified Partner, Citrix Solution Advisor – Silver, Dell Preferred Partner, Authorized Worldox Reseller and a Kaspersky Reseller.
© 2017 by Triella Corp. All rights reserved. Reproduction with credit is permitted.

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