Fraud can happen to any company. Cybersecurity companies develop new products and services almost as quickly as cybercriminals change their tactics. It is essentially impossible to defend against every attack type.
Yet, there are steps you can do to assist protect your company against hackers, fraudsters, and identity thieves. You can use the following five strategies in your business operations.
1. Protect your bank accounts
Make separate bank and credit card accounts for your personal and professional lives right away if you haven’t already. Hackers who get access to one account will be unable to access the other, and vice versa. Check the security protocols your bank employs for online banking to ensure features like automatic logout are supported.
Establish and adhere to a well-monitored reimbursement strategy for employee expenses. If you want to provide employees with credit cards, be sure the card issuer has adequate fraud controls in place, such as automatic warnings if an employee spends more than a specific amount.
2. Safeguard your computer systems
Computer systems can be broken into with ease by hackers. A reliable firewall may protect your company’s data, and antivirus software can help spot breaches quickly. There are several reputable vendors in the field of cyber security. Choose the one that best meets your needs.
Establish stringent procedures that mandate that workers use complex passwords. Set password standards and compel employees to update their passwords every 60 to 90 days to assist them to create secure passwords.
Think about regularly backing up your files and storing them offline. You won’t experience much downtime if something happens to your PC because you can quickly recover the files you require.
3. Do employee background check
Finding people that are not only qualified but also reliable is essential when growing your workforce. Don’t just rely on your employment history and referrals. Do a comprehensive background investigation.
There are businesses that can offer you this service. Most charge $30 to $50 for each report. You can do background checks on the finalists once you’ve reduced your list of possible hiring to one or two candidates. To run the check, make sure you have the appropriate authorization.
4. Create a secure entry
Unwanted guests can be turned away with a protected entry system. Certain key-card systems give you time-stamped recordings of every time an employee enters and leaves your offices.
Management may also restrict select individuals’ access to a particular location. Use a key card system, for instance, to restrict access to the server room to IT administrators only. You and your company are kept safer by limiting access to crucial places
- Live the Corporate Culture
Employee fraud and theft can be avoided with a healthy work environment. Fair employment practices, defined policies and processes, and a clear organizational structure is all necessary. Having open lines of communication with management allows for employee fraud prevention, which is another benefit of an open-door policy. Company owners and top management should set a positive example and hold all employees, regardless of position, responsible for their behaviour.
Warm-up
Those who are willing to commit fraud do not make any distinctions. It can occur in big or small businesses across a range of sectors and regions. Employee fraud has the potential to cause a company to suffer a significant financial loss, expensive legal fees, and damaged reputations. Putting the right plans in place can prevent fraud from happening or minimize costs if fraud has already happened.
The KYC services of EBOS Intellinz help companies verify their customers and safeguard themselves from fraudsters, money launderers, and other dubious entities. Get in touch with us to safeguard your business.
