Increase Fraud Protection for Your Business

It goes without saying, fraud is bad for business. The amount of fraud being carried out against businesses is getting worse, both in terms of the number of instances and the amount of money that is being lost. 

According to a 2016 PwC study, more than one-third of organizations have experienced fraudulent crime in the past 24 months. And this could spell trouble for businesses that are not taking steps to safeguard their financial accounts and other sensitive information.

How to protect your business
Businesses, especially smaller enterprises, are more often the victims of fraud than consumers.  The types of fraud can vary, from accounting scams carried out by employees to fraudulent returns from customers, to data theft by outsiders. Businesses have less protection than the consumer and, in some cases, can be held responsible in a business fraud scheme, owing liability to banks, shareholders, insurers and credit card processors.

Here is a list of tips to help you shore up your defenses against cyber threats:
- Analyze risks or vulnerabilities specific to your industry or organization. Ensure essential security controls are in place, including access controls and system backups, malware and antivirus defense.
-Monitor account activity with secure online banking services.
-Safeguard your company's data by implementing policies to help prevent and detect data breaches.
-Promote company-wide security awareness and training for employees.

Large companies may be bigger financial targets, but small companies are easier targets.  Don’t let this happen to you. However, should you find yourself the victim of fraud and require financial expert witness services from a professional in the banking industry, contact Michal Richards consulting for an evaluation and assessment.