Successful Strategies – 5 Ways To Protect Your Business Against Fraud

Protect Your Business Against Fraud – Photo by RODNAE Productions on Pexels

From unscrupulous individuals to massive ransomware syndicates, the world is sadly full of people who would love to get their hands on your sensitive data and hard-earned profits. Data breaches, theft, and extortion happen every day, but thankfully, there are some steps you can take to ensure your business is never breached by bad actors.

From souped-up cybersecurity to AP automation, here are five of the most effective ways to protect your business from fraud.

Train and equip your staff

Even if you’re operating with the support of freelancers working from home, it’s crucial to ensure they have a high degree of cybersecurity knowledge and protection. You might have the best cybersecurity software in the world, but if a remote worker is accessing your systems from an unprotected device, this creates an access point for cybercriminals. So, it’s essential to ensure your employees have the equipment, software, and training needed to create a cybersecurity seal around your business – in the office and out in the world.

Consider outsourcing your IT

If you handle your IT yourself or have bare-bones coverage because you think it’s too expensive, now is the time to compare your local Managed Service Providers. You’ll generally be able to tailor a package to suit your needs and budget, and you’ll be surprised at how affordable outsourced business IT support can be. For one flat monthly rate, you can enjoy the latest, cutting-edge technology and 24/7 support. Even if a data breach occurs over a public holiday, your outsourced IT team will be all over it, minimizing the impact and protecting your digital assets.

Conduct comprehensive background checks

Whenever hiring a new staff member or engaging a new contractor, don’t be shy about conducting a background check. If they’ll have a great degree of access to your systems, it’s not overkilled to include a criminal history check. At the very least, you need to verify academic credentials and take a look at their online presence.

Beef up your security measures

protect your businessPhoto by David Yu from Pexels

If you operate a shared workspace, it may be worth upgrading your physical security system to include access control, biometrics, CCTV, and an integrated alarm. An access control system brings all your security measures together, protecting you from both internal and external threats. It allows you to partition your workspace, determining who has clearance to go where, and when integrated with biometric entry points, it gives you clear data and valuable evidence should something go wrong.

In addition to beefing up your physical security, it’s essential to have solid protections in place in the digital sphere. You, your employees, and your contractors must all have unique and complex passwords. Doubling up on passwords or using something simple like P@ssw0rd is setting yourself up for trouble. If you have too many accounts to remember multiple passwords, use a secure password manager to help you generate and secure complex and unique passwords.

Automate your accounts payable

One of the simplest yet most effective ways people commit fraud is through the accounts payable departments of businesses that haven’t yet switched to automation. When handling your accounts manually, it’s easy to miss duplicate or fraudulent invoices. However, AI can pick these and other issues up in a flash, ensuring you’re never stung by fraud. AP automation also comes with a raft of other time and money-saving benefits, so it can be worth your while in more ways than one.

Implement the tips above, and you’ll have some formidable safeguards in place to protect your business from the growing threat of fraud.

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By Rossel

Graduate of B.S. Medical Technology but landed in the field of business and writing. She has gone from being a white-collared job employee to an entrepreneur because of the world's changes and demanding needs. She is currently maintaining 4 blogs with different niches such as business and finance, parenting and family, health and beauty, and home improvement.

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