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Fraud detection How to protect your business

Business frauds are growing year after year. It is often committed by employees, vendors, and others related to the business.

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Fraud detection How to protect your business

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  1. FRAUD DETECTION: HOW TO PROTECT YOUR BUSINESS? Running a business is often a very challenging task. A company might become the target of fraudsters and scammers due to a variety of reasons. Therefore, every business must have some fraud prevention approaches to safeguard their data and assets.

  2. KEY FACTORS IN PREVENTING BUSINESS FRAUD Know your employees: Scammers are likely to display some unique gestures that will make you aware of their fraud-committing intentions. As an employer, you must strictly monitor your employees in order to identify potential fraud risks. To prevent the danger of employee fraud, you must know your employees. Engage in frequent conversations with them and embrace the listening-up culture in your company.

  3. MAKE YOUR EMPLOYEES AWARE OF THE REPORTING SYSTEM: Your employees must know the company's fraud risk policy and it must include all the types of fraud and consequences related to them. This way even the employees who are honest will get an overview of the possible signs of fraud or scam. Later, they will be able to detect any type of fraud arising in the company. Also, the scammers will be deterred knowing that management is keeping a check on them.

  4. IMPLEMENT INTERNAL CONTROLS: Internal controls are the strategies developed to safeguard your business. This also acts as a way to detect scams happening around the organisation. In order to be safe, these internal control policies must be revised on regular intervals. Also, hire a professional expert to draft an excellent internal controls program.

  5. HIRE A DETECTIVE AGENCY: Nowadays, a lot of companies are opting for business investigations due to the rise of fraudulent activities all around the world. Therefore, you must hire a private detective in India to conduct various types of business investigations from time to time.

  6. THANK YOU

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