There are several steps to mitigate small business frauds cases. Businesses lose approximately 5 percent of their revenue to fraudulent activities annually, according to a national report. In addition, organizations are also indirectly affected by fraud in the shape of non-compliance fines, legal fees, and reputation damage. As a small business owner, you must design a plan to prevent fraud and theft cases. After all, it is easier to prevent corporate fraud than repair lost finances, lose small business money management and the business’s reputation afterwards. Read on and learn how to mitigate small business frauds cases.
Observe Your Employees
First off, observe your employees to mitigate small business frauds cases. Take the time to involve yourself and truly understand your employees’ behaviors. You should identify an employee’s change in attitude to reveal risks and address internal problems. If your employees don’t feel appreciated, they may commit fraudulent activities to get revenge against the business. Therefore, you must pay close attention to minimize fraud, improve the organization, and maintain employee satisfaction. Certainly, study employee behavior to mitigate small business frauds cases.
Next, you should analyze data to reduce small business frauds cases. Fraudulent activities are often committed through cloud servers, company emails, and social media platforms. Therefore, you should store your business information securely to avoid malicious fraudsters. In addition, you should invest in monitoring technology, such as Excel Pivot Tables, with time tracking and real-time notification functionalities. This way, you’ll receive instant alerts when company data is processed, shared, or removed. Of course, you should also hire a data security professional to get appropriate solutions and safeguard company data. For sure, analyze data to mitigate small business frauds cases.
Protect Business Credit Card Information
Then, protect company credit card information to counter small business frauds cases. Separate personal and company financial accounts to protect your organization. Otherwise, you’ll expose yourself to lost funds on both fronts if the credit card information is compromised. After all, mingling business and personal funds is prone to expensive errors. In addition, you should utilize secure digital billing services and only provide your credit card info to entrusted individuals. This way, you can lower the risks of theft and check frauds across your organization. Definitely, cautiously provide your credit card info to mitigate business frauds cases.
Utilize A VPN
In addition, utilize a VPN to secure your network from small business frauds cases. Virtualized private networks (VPN) utilize end-to-end encryption to secure data transferred between your office and the employee’s computer. A VPN provides a private secured tunnel to hide company public IP addresses, protect employee identities, and mitigate business fraud cases. Therefore, you should instruct your employees to utilize a VPN connection when working remotely. In addition, you should also use this encryption on home and public wifi networks. After all, insecure networks are infested with fraudsters that intercept critical data. Surely, utilize a small business VPN to reduce frauds cases.
Register For A Fraud Hotline Service
Next, register for a hotline service to protect your company from small business frauds cases. Sign up for a third party hotline service to get a hotline phone number. Instruct your employees to use the hotline if they witness business fraud. Keep the hotline anonymous and and don’t request their names. In addition, ask them to provide details on the incident, where it occurred, and the amount of people involved. Therefore, you can monitor, identify, and eliminate fraud across your organization. Of course, register for a business hotline service to protect your organization from fraudulent cases.
There are several steps to mitigate small business frauds cases. First, observe your employees to identify suspicious behavior. Then, analyze your data and protect your organization. Next, utilize secure digital billing services to safeguard business credit card info. Plus, you should configure an encrypted VPN for your remote workforce. Of course, register for a third party hotline service to eliminate fraud confidentially. Read the points highlighted above to mitigate small business frauds cases.