5 Ways Your Company Can Prevent Fraud

5 Ways Your Company Can Prevent Fraud
5 Ways Your Company Can Prevent Fraud

Business fraud is becoming a growing trend and business owners should be concerned as many online fraudsters are looking for easy targets regardless of the size of the business or industry. It is estimated that, on average, businesses lose up to 5% of their annual revenue to fraud and this figure is growing every year. What can you do to prevent fraud and protect your company from scammers?

Fraud detection and prevention should be an ongoing initiative and businesses should develop policies designed to fight fraud and safeguard their business from this growing problem. Here are some ways that you can do just that:

5 Ways Your Company Can Prevent Fraud

Conduct A Background Check On Employees- ALWAYS conduct a background check on EVERY employee regardless of who vouches for them. Not doing so invites scammers, hackers and others to have free reign over your important documents and data and could lead to problems later on.

Conduct Social Media Audits- with the growing popularity of social media and more and more employees using social media with little to no regard for who reads it, you can learn a lot about your employees or potential hires. By conducting a social media audit, you could find information damaging to your business’ reputation, animosity towards past employers and spending habits which aren’t within the employee’s salary range.

Implement Policies To Protect Your Company’s Data And Reputation- protecting your company’s valuable documents, data and reputation is important. Implementing policies to protect these factors and ensuring that your employees understand and follow these policies is also important.

Shred Documents, Schedules And Hard Copies Of Everything- instead of throwing away your important documents or those documents that you feel aren’t important but are like gold to a scammer, hire a professional document shredding company to shred these documents ensuring they are rendered unusable.

Hire A Professional- a professional business fraud prevention company can help protect your business by:

  • Offering both internal and external audits.
  • Creating thorough management reviews.
  • Offering important fraud training for your employees.
  • Creating mandatory vacation and job rotation schedules.
  • Creating a whistleblower hotline/tip line.

To Learn More, Contact CP Office

For more helpful tips on how to prevent fraud or for a no-obligation quote to have your important business documents shredded by a professional document shredding company in West Sussex, contact CP Office today and let a knowledgeable representative assist you today!

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