5 Ways to Protect Your Small Business from Fraud

Companies with less than 100 employees claimed a median loss of $150,000 as a result of fraud during 2016, according to the Association of Certified Fraud Examiners.

Here are some tips to protect your small business from common frauds:

  1. Protect your IT infrastructure by instituting strict access and password policies.
  2. Control the credit cards and bank accounts usage by using dedicated computers for online banking with multiple layers of security.
  3. Educating your staff with basic training that can guide them to handle confidential information is also vital. The frequency of training should depend on the traffic of the new hires.
  4. Consider expert help from CPA’s or CFE’s who can help you structure anti-fraud policies and periodic audits.
  5. Finally, make sure you are insured so you know you will be covered in case of a fraud.

 

We understand that it is very important to protect your small business because it is YOUR small business. There are obviously plenty of ways to help protect yourself from fraud. If you would like to find out more, you may find the link  and corresponding information below interesting!

http://www.acfe.com/fraud-prevention-checkup.aspx

Manasa Vangala is an Accountant with BWTP P.C. Read more about her here.

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