5 steps businesses can take to avoid being defrauded

Businesses lately are being defrauded regardless if they are large or not. It is the responsibility of business owners and executives to put measures in place to avoid fraud. Although businesses are vulnerable and at risk of being defrauded, there are steps that business owners can follow to ensure otherwise.

Protect your bank accounts

You should start by creating a separate account for your business and keep your personal financials away from your business. Also, ensure to activate all security measures made available by your bank across all their platforms, this will help keep your account safe. You should also have a monitored method of cash disbursement and reimbursement for business operations. It is best to have an accountant in place and put a minimum number of people in charge of the account.

Ensure you have a background check on your employees

As much as you can keep some information separate and prevent all employees from getting their hands on them, you can only try as much as you can. It is therefore important that you have employees that you are confident in, ones that you can trust so that no matter the information they have at their disposal, you are sure they are in good hands

Safeguard your computer systems

Cybercrimes are rising and hackers are getting more proficient at hacking systems, you have to safeguard your computer systems form maximum protection against fraud. You should also have a team in place for your computer systems security to constantly update your software and computer systems to ensure you have a secured platform

Create a secure entry and keep track of visitors

You should create a secure entry and exit for visitors; this can help you unwanted visitors away. You can also do that by restricting visitors from certain parts of the building, these parts can be assessed by keycards, fingerprints or face scanner. With measures such as these, you can restrict visitors to certain parts of the building, that way you have secure entry and what access the visitors have to your business

Purchase Insurance

As much as business owners should try to take measures to avoid fraud, there is no assurance or guarantee that they are not going to be attacked by fraudsters. When that happens, there should be a safety net or a soft landing for businesses to cushion the effect of that experience, therefore business owners should have insurance for their business. You should discuss with your broker about insurance packages that provides a coverage for fraud.

                Business owners should be proactive about protecting their business against fraud by anticipating fraudulent activity that the business could be exposed to, and ensuring that they take the necessary step to prevent that from happening.