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PROTECTING YOUR BUSINESS FROM FRAUD; A GUIDE ABV SOLICITORS Worried your business wil l come under attack by scammers or fraudsters? In this article, the best ways to prevent your small business from becoming a victim of fraud are highlighted by a fraud solicitor. TRAIN EMPLOYEES Your employees are the backbone of your organisation and as such, they need to be trained in how to prevent your business from fal l ing into scams. There are many courses avai lable to send your employees on to help them identify scams and if necessary, you can ask a fraud solicitor for the most relevant ones for your business type. VERIFY PAYMENTS AND INVOICES Be sure to check all invoices and never pay for a service or stock unless you are 100% certain that it was ordered. Once again, having a fraud solicitor to advise on stocks and checks can be invaluable here to prevent losses because of scammers. To further prevent errors, limit the number of staff who are responsible for checking or signing off on payments and also be aware of how any company asks you to pay for their services or products. If it is via a wire transfer, reloadable card or gift card, then it is likely a scam and should be reported to a fraud solicitor as soon as possible. Caller ID has become commonplace, but any fraud solicitor worth their sale will tell you not to trust it at face value. To protect your small business against fraud, it is important to be tech savvy or to hire a tech-savvy team. This includes being able to identify phishing emails, phone calls and in some cases letters, alongside keeping online passwords and files encrypted, thus reducing the chances of them being hacked and financial information being leaked. If you need help setting up a more robust system to protect your business financial information, contact a fraud solicitor for more advice. Security checks are by far the easiest way to prevent fraud! BEING TECHNICALLY ADEPT IS A BONUS! KNOW YOUR CLIENTS AND PARTNERS Before doing business or trade with a company, go onto a search engine and type the company's name alongside other words like ‘fraud’ or ‘fake.’ It sounds obvious, but any fraud solicitor will state that this is a good place to start. It allows you to read what others are saying about the company and it also allows you to research reviews and their customer base. Similarly, if you have a company who is wanting to purchase your goods or services, you should also use this tactic, especially if they are based overseas and outside the UK’s jurisdiction. For more information on checking your business partners or clients, contact a fraud solicitor. Whenever you verify that your business has been targeted by scammers, you should seek to report it as soon as possible. In the UK, this involves reporting it to the police, Action Fraud and if there have been losses due to the scam, you should contact a fraud solicitor for help with bringing the hackers to justice and regaining any money or assets lost. If you would like more information about scams in the UK and what to look out for, contact a fraud solicitor today for guidance and further prevention advice. REPORT SCAMS https://www.abvsolicitors.co.uk/services/serious-fraud-and- business-crime/ https://www.met.police.uk/advice/advice-and- information/fa/fraud/business-fraud/how-to-prevent-business- fraud/ https://www.nationwide.com/lc/resources/small- business/articles/business-fraud-prevention Sources:
