It’s the Season for Fraud? How to Safeguard Your Business Over December - Outsourced Finance

While the final months of the year are the busiest for businesses and customers, it is also a season where the risks increase due to fraudulent activities. Safety and security concerns are more pressing during this time of the year not only with your employees, but also from customers. Many SMEs do not have enough resources to hire security officers or set up advanced security systems that safeguard their businesses. However, certain measures can help prevent or safeguard your business form fraud.

 

Training Your Employees

You can hire a professional to educate your employees about likely scams and the significance of protecting cardholder data, which can save your business from compliance issues. They should also be trained on how to use strong and unique passwords that are hard to crack, and to keep on changing their passwords regularly. You also need to equip your employees with tools and skills to detect counterfeit money can also save your business from fraudsters.

 

Make Vacations Mandatory

Many fraudulent activities occur when your key employees out of the office. For this reason, you should require your employees to use their vacation time. You can manage your team by shutting down your business over December to avoid ill intentions from the employees.

 

Invest in Antitheft Equipment

CCTV is becoming affordable, which makes it easier for SMEs to benefit from the security the system provides. You can use a simple signal that can warn people that your store is equipped with CCTV cameras and shoplifters will be prosecuted. It is also a tracking device and a helpful deterrent can raise an alarm when items are taken out of your store. By having a look at what is happening at your business at all times, you can significantly reduce the possibility of fraud and theft occurring.

 

Customer Service

Another way you can deter theft and fraud is to approach customers who are suspicious and offer to help them. When customers enter your store greet them, ensure you make eye contact, and let them be aware you have seen them. If they are not purchasing anything, follow them around the shop to make sure they get the message.

 

Separate Employee Duties.

When it comes to employee fraud, you can protect your business from this kind of fraudulent activity by separating the duties of the employees. For instance, one employee should not have the mandate to write checks and approve payments. You should divide these duties among two or more employees so that several people can be involved in each payment.

 

Work with Local Enforcement

If you have a relationship with local police officers, it can help in reducing crime. Working with local enforcment can help in identifying organized gangs and offenders that are the primary causes of theft in small businesses.

 

Change Your Store Layout

Some of the popular items to shoplift are the ones that cost high, easy to sell and are stored on display. It is recommended that you should keep these items in clear site of CCTV or closer to the till.

Xavier Olivier


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