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Looking for ways to protect your business? 5 tips from our fraud solicitor at ABV Solicitors
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02 Nov 2020

Whether you own your own business or manage someone else’s on their behalf, you probably don’t want to think about fraud.

Occurring more regularly than most people think and with the integration of computers into business models, fraud can now also happen faster than it ever has before. As online thieves and scammers are able to adapt to changing security systems, more business owners are having to learn the hard way about protecting themselves from business fraud.

But, as you are reading this article, we are hoping that you have not had to learn the hard way about fraud and, luckily, there are many proactive, low-cost ways you can prevent your business from being a target of scammers.

At ABV Solicitors, our fraud solicitor is up to date on all the newest technologies and tricks fraudsters may use to access your business accounts and can provide you with time tested strategies to protect your business. We can assess the systems that you may already have in place, and provide you with advice on how to make them more secure if necessary. After all, keeping your business safe is our number 1 priority!

Although, before you contact our fraud solicitor for a consultation about security, there are some low-cost steps you can implement yourself to protect your business and yourself from being the victim of fraud. Enjoy!

Background checks

When you run a business that operates out of a shop, it is important to choose your employees wisely.

How do you do this? It’s tough to say, but our fraud solicitor recommends running a background check on all new employees to check if they have a known history with the police. Also, if you have had employees on hand who have been with you for a long-time, you may want to give them more responsibility in relation to accounts and finances, but always be diligent and change passwords frequently.

Monitor everything!

It can be a pain when it comes to the end of the day and all receipts have to be accounted for, more so when invoices and other documents have to be checked. However, in order to protect your business from having finances moved without your knowledge, you must regularly monitor all of your accounts.

Insurance

Many insurance companies are aware of how easy it is to fall victim to business fraud and as a result, they are able to offer businesses insurance.

Not only this, but your insurance company can help with police investigations and the filing of claims if your business is targeted.

Passwords

When it comes to online statements, accounts and invoices, be sure to change your passwords regularly. And, of course, make sure any passwords are heavily encrypted!

Routine changes

Criminals quickly catch on to the behaviour patterns of businesses, such as delivery days, when you access your accounts, etc. Therefore, in order to keep your business safe from fraud, change your routine as often as you can, to prevent yourself from being an obvious target.

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