Fraud is a real problem for investors and even for small business owners. Taking the proper measures to greatly reduce your risk of fraud is well worth the headache you can save from being scammed. Here are four great security measures you should start implementing today to lower your fraud risk.
When it comes to fraud, small business owners tend to be in over their heads when they first get started. They may try to save time by overlapping personal and business banking. However, this can create a real problem in the future if a scammer gets a hold of your banking information. For this reason, you should have separate bank accounts for your personal stuff and your business stuff. Investors should consider having separate accounts between their day to day finances and their investment funds.
A great way to protect your digital interests is to have dual authentication programs setup for all of your employees. You may need to utilize the help of a name matching software to ensure that employees are easily found in the login program. With dual authentication, they must provide more than just a password to be let in. This could mean a fingerprint scanned or even an eye scan.
Boosting the physical security at your office locations is a great way to prevent fraud. Consider a key-card entry system that will track records so you can see which employees entered and left at specific times throughout the day. For specific areas of your company, you can limit the key-cards that are allowed access. This type of system virtually allows you to control who can and can’t enter the various sectors of your office building.
One of the best ways to protect yourself against financial harm due to fraud is to simply invest in a good insurance policy. There are many policies and policymakers out there to choose from. For example, ID theft insurance is a great insurance add-on that can ensure your life doesn’t get wrecked if your identity gets stolen. Business insurance can help protect you against financial downfall in the event that there is physical fraud at your location. It’s a good idea to talk with your preferred insurance agent to discover just what insurance options you have available to you.
As a business owner or investor, it’s your personal responsibility to take necessary measures to prevent fraud. The above are just some of the many options available to you. We suggest starting with these and including more and more as you continue to make your business and investments more secure than ever before.