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12 Oct 2020

It is an unfortunate fact about the world of business that regardless of a company’s size, annual intake and number of employees, every company is a target for fraud.

If you run a business and are certain that yours is one that will never be targeted, don’t be so sure; business fraud is rising simply due to the fact that there are so many different types and access points. And, as a result, it is practically impossible to protect your company against every type of fraud.

But, don’t worry. While fraudsters and hackers have become smarter and have access to different technologies, so have companies and security systems. Indeed, many business based systems are now able to identify thieves with ease, meaning that you don’t have to keep your business accounts under lock and key.

Our fraud solicitors at ABV Solicitors will be able to help you to identify the most suitable system to help protect your business, meaning you can focus on what’s really important – running the business! Our team is at identifying weak sports in your businesses accounts and can customise a security plan to ensure that you are not on the receiving end of any type of business fraud. Perfect!

But what are some of the best ways that you and our fraud solicitors can prevent business fraud?

Insurance

One of the best ways to protect your company against fraud from the start is to purchase insurance. Our fraud solicitors can recommend the best insurance to purchase in order to protect your company. Remember, while there are many ways to prevent fraud, no one way is completely secure and so, in order to protect your assets against fraud is to purchase insurance.

Background checks

Regardless of the size of your company, one way to protect your business against fraud is to conduct background checks on your current and future employees.

While it may seem simpler and cheaper to rely on references, this is not always a good idea; our solicitors can help you choose a suitable company who will conduct thorough background checks on all of your staff, leaving the final hiring decision up to you.

Secure entry

Managing access to online accounts is one way to prevent your employees and fraudsters from gaining entry to sensitive information. Physically, you can limit the staff members who have access to the sensitive areas; for instance, only allowing IT technicians access to your computer server is one way to prevent hacking of online accounts.

Separate accounts

Always separate your personal and business bank accounts. Create a reimbursement policy for employees expenses, and ensure that no employee has access to the business account information without thorough background checks and being observed. Also, be sure to check your account’s transactions weekly to keep an eye out for anything suspicious.

Computer systems

Cybersecurity protocols like firewalls, passwords and regular changing of passwords will help to keep your business safe from thieves and hackers. Be sure to back up your files regularly too.