Fraud can affect any business, whether on a small or large scale. All companies must learn to identify frauds and scams. Fraud is a serious issue that brings a company down business. Fraud occurs when an individual or company is dishonest or commits any illegal act that results in profit for them but loss for the business.
Keep your information personal
Your personal information, such as user ID, passwords, and PINs, link closely to your fortune. Change your pins and passwords periodically and keep all this information safe and confidential because this information allows you to get money from the bank. Do not open up about personal information to anyone.
Transfer money carefully
The most common and frequently committed form of fraud is impersonation. An institute may contact you claiming that they work for you or represent themselves as workers of any other company to get money from you. Be sure to verify their real identity by contacting the related organization to check their authenticity. They can contact you by email, message, or sometimes through a direct call. In this case, do not trust caller ID on your phone because these fraudsters are also hackers. They can use technology to make it appear to be calling from a government organization or a legitimate business.
Online security system
Online banking is trending nowadays with a rise in online trading and transactions. The Internet now has become a popular platform for fraudsters and scammers to trawl for easy victims. Fraudsters send emails or use websites, which are their easy and most common tricks to catch their prey and get information about it. Your online practice can play a role in reducing the risk of financial fraud. Make sure that you have updated and latest operating system. Also, protect your devices by using the most up-to-date antivirus software.
Don’t get attracted by high returns
The expectation of high returns for the money you invested is sometimes too reasonable for you to be true. Most of the time, fraudsters prey on the greed of investors who seek quick and high returns. These schemes cause unregistered investments and commodities. First, find out who you are dealing with, and then invest only with authentic and licensed brokerages and financial planners. If your investment is showing constant high returns, even in market downfall, immediately ask any trustworthy independent investment expert to review the reports and financials of the organization where you invested your money.
Don’t write checks
Fraudulent can use information from your checks to take all money out of your account because checks contain all of your personal and bank information. If they insist you write a check, do not take your whole checkbook with you. It is preferable to use a credit card for payments.
Only donate money to trustworthy and well-known organizations
Usually, frauds start after a natural disaster, such as earthquakes or tornadoes. Give money to only healthy organizations. If you are giving money to a lesser-known organization, check their official website to see how much of the money you donate goes to them and how much goes for salaries. If you cannot find this information, you should give it to another charity.
Know your employees properly
Observe and listen to your employees because this will help you determine how much fraud risk is in your employees. The management team must get involved with employees and know more about them. If an employee lacks appreciation from the owner or shows anger towards management or the boss, this could take him to commit fraud as revenge. Listen to your employees and ask them about the issues they face related to their job or office. Knowing and listening to employees and engaging them in conversation is essential.About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.