06. June 2019 · Comments Off on Tips for The Average Joe · Categories: Employment

Techniques of Minimizing Fraud Threats in Your Commercial

Despite the fact that you have trust on your employees and the security system, there are a number of procedures which you will need to implement to minimize the risk of fraud. The ways in which fraudulent activities can be revealed are numerous and varied. There are some procedures whose implementation will be inevitable in an effort to cub losses of funds in your business. The methods of decreasing the probabilities of fraud in your business have been pointed out on this article.

In case you will have allowed the use of the credit cards, you will have to enforce contactless payment procedures as one of the ways to minimize chances of fraud. The number of instances when the credit cards will be presented by people who will not be the true owners of the card are many. With an establishment of the contactless systems, you will have your system security reinforced hence making it difficult to be defrauded. With these systems, the information of the cards will not be easily traced by the fraudsters as specific identification features will have to be used. As well, there will be no cases of having the cards getting stolen.

Another procedure which you will find necessary in curbing the risks of fraud is checking the bank account balance on a regular basis. So as to deal with the internal commercial fraud, you will find this procedure to be of great benefit. As you will need to be vigil on dealing with external fraud, you will need not to forget that you can be defrauded by some of your employees. Personal auditing will be necessary as an initial step before talking with your accountant. This way, you will note the variation which could be present and seek rectification.

There will be need to lay out some protocols which you will apply to enhance safety of your accounting system. You will have to make use of he provided security protocols which will be incorporated within your accounting system so as to put off the fraudsters. You will need to have passwords which will be given to very few personnel so as to boost the efficiency of the auditing system

Billing and expenses fraud cases will have to be monitored as well. One of the most common form of internal fraud is that which emanated from billing. There will be need to have an isolated invoice creation and billing departments. Various levels for authorization and reviews will be necessary before releasing any payment. It will be vital to confirm that the receipts for the claimed goods are genuine as well.

Comments closed.