Protecting Your Business Against Fraud
Fraud is getting worse for businesses at a time when things are uncertain.
In the past few months, there have been a lot of reports about a rise in scam websites, fake emails from banks that look like they’re from banks, etc. This rise in fraud is being caused by people who want to take advantage of the confusion and changes in circumstances caused by the current global pandemic.
A business should do a risk assessment to protect itself against fraud. This should include a look at any IT risks that could come up from working from home. There should be cyber security measures in place, such as firewalls, anti-malware software, and anti-virus software. This software should always have the latest version.
All staff should be taught how to spot fake emails and given clear instructions on what to do if they do. For example, check email addresses to see if they look suspicious, report a suspicious email to the IT manager, delete the email, etc.
On the money side of things, there should be regular internal and external audits. Payments from the business should need two signatures or other forms of approval before they can be made. Only a small number of people should be able to use the company’s bank accounts, online banking, and payment systems. All payments over a certain amount should go through an authorization or approval process.
All computers, company mobiles, phones, and other devices should be protected with a password. All employees should be taught how to make safe passwords, and a system should be set up to make sure that all passwords are changed regularly.
Even if you do all of these things, fraud or cybercrime could still happen to your business. Make sure you have the right insurance policies in place to protect your business from fraud and other crimes that could cause it to lose money.
