With so many goals to aim for in your business, such as expansion, sales targets and marketing goals, it is often easy to put off the less exciting background work, such as security and fraud prevention.
Yet, listening to the urge to leave this until a later date could be the mistake which could cost your business millions of pounds; alongside losing all credibility you spent so long building up with your sellers and clients.
Here’s exactly why you should invest in fraud prevention and security measures.
Fraud prevention and security measures
There are many reasons as to why you should prioritise security and fraud prevention when setting up your business. These include:
- Being able to build a list of sellers who you know you can trust through participating in background checks.
- Being able to know exactly who has access to your financial information and payment software
- Reducing the likelihood of in-house fraud
- Retaining your business credibility with customers by avoiding fraud
Overall, investing time in the right fraud prevention and security measures can save you the potential of losing millions of pounds, save you from the months of resulting paperwork, and can allow you to safely progress with your business without any setbacks!
Here’s how you can begin to implement fraud protection and security measures
1. Invest in a fraud prevention software
Access pay is a fraud prevention software which can identify and remove potential fraudulent payments before they’re made.
The software also gives you the ability to control exactly who has access to your payments within your financial team by creating user profiles, and defining which of these profiles will allow submission of payments or approval of payments.
Together this will reduce the likelihood of fraud due to the software being able to automatically detect unusual data, without you having to read through it yourself, and additionally will reduce the chance of in-house fraud, due to restricting who can access what, and due to staff knowing they are being monitored.
2. Develop a strategy to prevent in-house fraud
A large proportion of fraud actually originates from employees of a company, who have first-hand access to financial information and other resources.
The simplest of strategies to reduce the likelihood of fraud are to improve your working relationship with staff. Firstly, it is important to regularly talk to your staff. As well as this getting them to like you, thus be less likely to want to harm the company, it will allow you to identify any changes in their behaviour.
In addition, it is also crucial to inform your staff from the start that your company does not tolerate any forms of dishonest behaviour and has security software in place which can track and monitor who can access what. This will immediately lay down the law from the start and will hopefully prevent any potential dishonest behaviour from staff being informed of the consequences.
3. Know your business
It is important for you to know everything about your company down to the nitty-gritty. You should know exactly who your sellers are and what your target market is so that any suspicious behaviour or pending transactions can be identified immediately.
A way to ensure you are buying from trustworthy sellers is to try and buy from well known, reputable companies. Do online searches to assess the authority of their websites and check for copyright symbols, trademarks and patents to reassure yourself that you can trust these businesses. Make sure you always check your bank statements so that nothing can be slipped under the radar.
4. Secure your property
Types of asset misappropriation fraud can include the stealing of non-cash assets. To prevent this, ensure you have an inventory of assets such as laptops and smartphones and invest in some business insurance for them.
Using these Fraud prevention methods, you can quickly help to reduce the likelihood of fraud!
This post was written in collaboration with Access Pay, an online payment software, specialising in fraud prevention services, and fast and efficient B2B payment services. For more information or to buy today, visit them at https://www.accesspay.com/ or call 0203 1310764.