In May, PricewaterhouseCoopers (PwC) stated that 47% of businesses on the global landscape had dealt with fraudulent activities in one way or the other. That is almost half of the world’s business market. Without a doubt, fraud is an issue of concern that needs to be taken seriously. Thankfully, the US government and countries worldwide continue to take stringent steps to safeguard their operations. That said, what strategies have you laid down to avoid the repercussions of fraud in your business? Here are some ways you may want to consider as you take your business to the next level.
Practical Ways To Protect Your Business Against Fraud
- Protect your servers and computer systems
As ICT experts develop high-tech solutions to safeguard computer systems, criminals in the virtual space also step up their game. Online fraud has evolved to the extent that each year, businesses in America lost a whopping $4.2 billion in 2020 alone. As reported by VOA News, this was the most significant value ever recorded in a single year in the last two decades. That brings up the question of what people may not be doing right.
Indeed, there are several apps and software that work to protect servers and computer systems in general. However, which ones are the best? Are you more concerned about saving money, and so opt for the cheaper options? Indeed, it is enticing to choose this path, but you must consider the extensive loss your company has to endure if your systems are hacked.
It is better to invest in quality protection than cheap software that cannot offer much for your business’s data protection. While at it, it is highly recommended to train your workers on strict protocols that enhance cyber security. It is also an excellent idea to back up all relevant files regularly. This can be daily or weekly, depending on its suitability for the business.
- Create secure entry points
If you look around your business right now, is it possible for a first-time visitor to access any part of the office without hindrance? If yes, you may want to reconsider your secure access points. This means only authorized personnel should have the right of entry to sensitive areas of the business. For example, the accounts department, server room, HR office, CEO’s office, etc., can be accessed only with secret digital codes or limited key cards.
In more enhanced business environments, sensitive offices are accessed with biometric details. That way, there is a verifiable record of who came in, what time they did, and the duration spent in those areas. Furthermore, you can leverage online identity verification, especially where customer details are concerned. This is especially useful if your operations involve offering financial assistance such as loans. This way, you can keep tabs on who they are.
- Protect your bank accounts
The separation of your personal and business accounts is another critical area to look at. According to the Bank of America, a common habit among new entrepreneurs is failing to open a business account. This, therefore, results in using their personal accounts for business purposes. Apart from the unprofessional nature of it, there is a security perspective to consider. What happens if your personal account is hacked? You would have lost everything to keep your business running.
Your business is your livelihood and that of your workers. Therefore, be proactive in taking steps that protect it from falling into the wrong hands.