Everyone wants protection against fraud or identity theft, but as a business owner, your desire should be multiplied. While fraud can cost you money and time, it can also rock the confidence of your customers. When a client fears a compromise of his or her personal information or direct financial loss as a result of being your customer, that relationship will be short-lived. By investing in fraud protection, your business stays secure and your customers gain confidence.
One aspect of fraud protection that is often overlooked has nothing to do with technology or physical aspects of your place of business. It’s employees. Criminals will prey on people’s desire to be kind and helpful. In some cases, well-intentioned people will inadvertently provide access to sensitive personal information because they’re too willing to trust. Teaching employees to have a healthy level of suspicion can prevent significant losses.
With a sound data security plan and well-trained staff, these are some of the tools you should have in place to prevent fraud for your business.
Information Technology Tools
Your systems should have the latest in virus and malware protection and a secure firewall. Building multiple layers of protection will keep data safe. It’s also important to have multiple backups, including one that’s off-site. In the event of a loss (criminal or otherwise), backups minimize downtime.
A security auditor can tell you if you have enough fraud protection in place. Consultation from a fraud prevention service isn’t cheap, but compared to the cost of cleaning up an information breach, it’s a smart investment. And to get you started, you can view our demo and check out some of our suggested tools that are free to use.
Digital Security Policy
Do your employees know how to create an effective password? Who in your organization has access to sensitive information? Does your staff know who to notify in the event of a security breach? Think through your business structure and identify the areas that need security consideration. Write up a policy that needs to be followed, provide training on that policy and update it whenever necessary, but at least once a year.
Talk to your business insurance provider about a policy that covers losses due to fraud. If a crime causes you to lose money, a policy can help you recover losses.
Don’t be reactive when it comes to fraud protection for your small business. Criminals will often follow the path of least resistance. If you have safeguards in place, you’ll deter the vast majority of fraudsters. Make the investment in fraud prevention. It will pay dividends for your business and your customers.