1. Be vigilant
If you notice something strange, be cautious. Do not open any suspicious link from companies or people you do not know. Show the same distrust of the websites you visit.
2. Give a call
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 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. Apply dual approval
Make sure at least two persons authorize the payments. This two-fold approval mechanism will protect your company. The check from a second person allow identifying 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
An outdated software cannot adequately protect any information. 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.