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There are many misconceptions when it comes to fraud, if you even think about it all. The reality is, fraud prevention isn’t something people give much thought to. As for small business owners, probably even less so.
However, if you are a small business owner who has stopped to smell the roses (the fraud preventing roses, that is), you’re probably convinced that fraudsters only target larger companies, not small businesses or personal accounts. Or, perhaps, that small amounts of fraud for a business doesn’t matter.
The truth is, fraud always matters, big or small. Whatever the case, instances of fraud can have a significant effect on your finances. Scarier still, small amounts of fraud can quickly escalate.
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Back to school.
Do as I say and as I do.
Creating and upholding a code of conduct sounds like something only the big corporations enforce. However, as a small business, it may be worthwhile to put together rules for handling finances. Understandably, small business owners don’t always have the time. Fortunately, creating rules and regulations is free, and often a one-time thing. (Keep in mind, you may need to tweak it as you discover what works best for you and your team.)
Know thy employee.
Well, if you aren’t committing the fraud, who is? Of course, one way to prevent fraud is to vet your employees thoroughly. However, the reality for many small business owners is that they don’t have the time or lack a background in HR. Nevertheless, it never hurts to subject prospective employees to a background check and calling references, especially if these new team members will be handling money and mail.
Bonus Idea: If you are a small business owner in YQG, it’s time to start thinking of ways you can protect your business, team, and clientele from indiscriminate fraudsters. Our shred carts or slim boys are perfect for sharing with your nearby BIA businesses!
March is Fraud Prevention Month! Use and follow the hashtag #FPM2019 to gather more tips and insight on how to keep fraudsters at bay.
Remember – recognize, reject, report, and shred!