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Tips for protecting your business finances from fraud

Fraud has become one of the fastest growing crimes in the world of business. There are many different types of business that have suffered significant financial damage due to fraud. Business owners will need to do all they can to protect the finances of their business from fraudulent activities. It is important that business owners realize that this is a real threat to the financial stability of their business. One of the major problems that business owners face is known as payment fraud. However, there are things that you can do to protect your business. Here are some tips for protecting your business finances from fraud-

- Set up a secure wireless network-If your business has a wireless network then it is extremely essential that you take steps to protect it. The first step is to make sure that you have it set up by someone that you trust and who can put it in both correctly and securely. If you don't take the time to do this you can end up with breaches being made into your wireless network. There are many different free programs that can be installed that will help to prevent intrusions into your wireless network. Keep in mind that if you fail to take the proper steps to protect your network and it is breached you could be liable if your customers information is accessed and used for criminal purposes.
- Use a paper shredder-This is one of the most simple and cost effective ways to protect your business finances. However, you may be surprised to learn that a majority of businesses that suffers financial fraud have it happen because they don't shred important paperwork. Any type of paperwork that has account numbers, balances, identifying data, or anything else that can be linked back to your business should be shredded. It is important to keep in mind that you can buy shredders for a very low cost but if you fall victim to this type of financial fraud it could end up costing you lots of money.
- Train your employees-If you properly train your employees on how to protect your business from financial fraud they can become your first line of defense. Your employees should know about "phishing". This term refers to emails that arrive asking for personal information. They often include a dire warning or urgency which prompts employees to believe that they are acting in the best interest of the company when they respond to them. Every employee should also be trained on how to spot and avoid spam mail. This will reduce the chances that your employees will inadvertently give out sensitive financial information.
- Protect your computer equipment-It is also crucial that you protect your computer equipment from being infected with viruses. There are many different types of viruses that can be innocently uploaded onto your computer that allow thieves to access your financial information from a third party site. These fraudulent programs can also transmit passwords and logins. There are many different programs that can be installed that will create a "firewall" and protect your computers from these sneak attacks. Again, employees should also be trained in order to avoid uploading any program that could contain one of these viruses that could seriously affect and damage your business finances.
- Ask for help if you need to-Business owners face a long list of demands on their time everyday. If you are unable to determine where your business faces threats from fraud you can hire an outside consultant who can guide you through how to protect your business. Just be sure to thoroughly check out anyone that you are hiring in order to make sure that you bringing someone reputable into your business.

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