10 tips that will help your company from fraud

Consult our expert's advice below for in depth information about
guarantees for international trade.

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1. Be wary

If you notice something strange, exercise extra caution. Do not open any e-mail or suspicious link from companies or people you do not know. Show the same distrust of the websites you visit. 

2. Pick up the phone

If you receive a suspicious e-mail asking you information about your company, call to check if the request is justified. Your financial institution will never contact you by email to request personal or confidential information.

3. Know your suppliers

The e-mail should not be your only means of communication with your suppliers and other partners or employees. Arrange other forms of contact with them. Get to know them well.  This will allow you to identify earlier a request that does not fit with the habits of a supplier.  

4. Assign appropriate payment limits

The limits granted to employees with little experience should be lower. Even if you are busy, do not try to avoid any work by assigning your employees higher limits. Assign appropriate financial limits and reevaluate them regularly.

5. Introduce a dual approval for payments

Make sure all payments are authorized by at least two people. This two-fold approval mechanism will protect your company. The check from a second person allow to identify errors or attempt of fraud that can be costly to companies. 

6. Check your bank accounts regularly

If you closely follow the activity of your bank accounts, any fraudulent operation will immediately raise your awareness. Keep in mind that even if the policy of your financial institution is to reimburse any amount related to an unauthorized transaction, it may take time for reporting incidents. If you suspect any fraud, notify your bank immediately. 

7. Update your software

The software which are outdated cannot adequately protect any information. In order to protect your company against cyber criminals, install an antivirus software and update it regularly, create backup copies and make use of external technology experts. 

8. Raise awareness among your employees

Make sure your employees know the threats that currently exist and tactics used by fraudsters. Offer them training on the techniques and policies related to anti-fraud campaign. Regularly remind employees of the importance of being vigilant. These reminders are a very effective way of preventing fraud.

9. Provide a procedure to follow in case of fraud 

Provide a procedure to follow and communicate it to all employees. In case of fraud, it will avoid panic reactions and allow your employees to act calmly, without haste and according to the established procedure.

10. Notify your IT department in case of cyber attack

Your IT team may be able to neutralize an attack against your systems, especially if you notify it immediately. Even if some damage may have been caused when an employee clicked on a malicious link, your technical team could limit the effects of the attack on the rest of the company.

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