Times are tough for businesses at the moment anyway, without having to deal with the additional problem of combatting fraud. This can be a drain on resources to locate and solve, but not as expensive as not spotting it.
In the modern age, a great deal of fraudulent activity comes from online sources, as much as those you might traditionally expect. So greater education in this area is necessary not just for you and any other managers in your business but for anyone who works for you. By looking out for these indicators of malicious behavior, you could save yourself tens of thousands of dollars or even the entire future of your business.
Be aware that fraud could come from anywhere
It is easy to think that it won’t happen to you or that you are too small to be a target for fraud. It can happen to anybody, and it is most likely to happen to those who aren’t being vigilant. You might think that fraud would come from outside your business, but you can just as easily be a victim of the activities of somebody who works for you or a supplier. The tools used for this, both online and offline, are varied, so you need to be on the lookout.
Be suspicious of unusual activity
As a business owner, you want to make a profit, and this is typically done by making good deals with suppliers and customers. However, you need to take each deal on its merits and look closely at anything that is out of character for the person you are dealing with or quite simply looks to be good to be true. The fact that it is out of character might be because it is not the real person you are doing business with but somebody pretending to be them online.
Be knowledgeable about your own business
This should go without saying, but having an in-depth knowledge of what you do will help you spot anything out of the ordinary. You might be able to spot orders going out that do not fit that customer’s profile or similar activity that could indicate an employee is acting fraudulently. It might also show where an employee has fallen victim to fraudulent online activity and is unwittingly participating in the fraud, believing they are carrying out either your or the customer’s wishes.
Be aware of online activity and put measures in place to protect your business
Even with all of those other boxes ticked, you will still need technological help to spot fraudulent and malicious activity. There are several measures you need to put in place to monitor and control activity, and combined, they provide you with greater peace of mind.
Antivirus software
This is an excellent first step. It detects and removes viruses that could infect a computer and leave it open to fraudulent activity. You might think that most devices come with some form of this and are already built-in, but if you have lots of people working for you, all accessing the internet and opening emails, you will probably need to consult experts on what you need.
Firewalls
As a business, you will no doubt need several firewalls in place to spot and stop fraudulent activity. They are a hardware solution that acts like security guards for online activity that comes in and out of your business. As with antivirus software, you should consult professionals like WatchGuard Firewalls to find the best options for your business.
End-user education
You can’t monitor all of this on your own, so as previously discussed, you need everyone who works for you trying to spot fraud as well. This can be done using a process of end-user education so your employees know what to look for and what to do if they spot anything. This is also not something you should try yourself, but outsource to a reputable training company.
To wrap everything up
The future of your business could depend on you being able to spot fraud. As well as being knowledgeable about your business and everyone that comes into contact with it, you need to look to technology for help. You can’t afford to cut corners here, so finding the best antivirus and firewall solution is a must, as well as backing it with training so that everyone can be as vigilant as you.
