Fraud is a common problem in various organizations. While they are loyal employees, clients, and other professionals, some may commit fraud in multiple ways. Therefore, a company needs to focus on fraud prevention, detection, response, and reduce holiday chargebacks, among other measures.
Ways To Combat Fraud
Use Unique Accounts Passwords
Fraudsters understand people like using one password for almost every account. If they gain access to your logins, they will use the user ID on your financial accounts. Also, avoid using obvious passwords such as dates of birth, since those will be the first targets.
Avoid Giving out Personal Information To Strangers
Do not share private information such as date of birth with unknown people. Every bank or other institution has official numbers, which you can get on the websites or at the back of the card. If you receive a suspicious call, hang up and report the number.
Know Your Employees
Regardless of the size of your company, it is essential to use formal employment guidelines when hiring employees. Ensure you have searched for every worker’s background, such as credit history, educational background, and employment history. You can also ask for references to be sure of their conduct. In addition, the hired workers should comply with fraud and ethics regulations.
The use of technology will help in continuous fraud monitoring through the use of forensic data analytics. You can also use technology to get corruption indicators in your organization.
Conduct Regular Audits
Ensure the most prone areas such as inventory or financial departments are audited regularly. Frequent surprise audits will keep off attempts of fraud. Identify the fraud risks and invent ways to prevent losses.
Validate Your Customers
It is best to know who your customers are because some can be fraudsters. So, do research and ensure your customers are legitimate. Also, make sure you’re dealing with current cardholders and learn how to reduce credit card chargebacks.
Inform All Employees About Fraud
It is best to inform every worker about fraud policies and the consequences that may apply. This may act as a warning to those who may be planning to commit fraud. Honest workers will also tip the company if they suspect any workplace fraud.
If you suspect fraud in your company, consult the Certified Fraud Examiner (CFE) to do a fraud examination. Even though the body is certified by the government, ensure the experts have a good reputation and trustworthiness. This is because they will access sensitive company information.
Turn Alerts for Your Accounts
Most banks offer alerts when your card is in use or any other activity in your account. Turn alerts on to help you know anything that might happen in your account. Have the customer care numbers to call if you suspect something fishy.
Fighting fraud is a continuous process that requires a lot of commitment. It’s so unfortunate that those you think are loyal can be the top fraudsters in your company. Therefore, vet your employees and avoid giving out your personal information to everyone out there.