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Is Your Small Business Vulnerable to Fraud?

Is Your Small Business Vulnerable to Fraud?

Do you ever fret as a small business owner that your company could end up being the next victim of fraud?

Larger companies tend to have more resources and money to prevent or lessen fraud. As for smaller ones, they have fewer options.

With that in mind, could your small business fall victim to fraud?

Take Preventative Steps

In doing what you can to steer your small business clear of fraud, remember a few pointers:

  1. Have someone watch your back – One way to steer clear of identity theft fraud is to have someone watch your back. That someone is oftentimes going to be an I.D. theft protection provider. You could consider identity theft protection from LifeLock or another such provider. In doing so, you can end up with top-of-the-line protection. That protection can alert you to when someone is trying to access your company’s finances. Whether a checking account, credit card, or credit report, know when something is amiss.
  2. Are your customers a concern? – While you would like to think you can trust your customers, there may be a few that do not warrant all your trust. That said look for warning signs that something is not quite right. This would be if one or more customers continue to order products or services, yet fall behind on paying. Unless you have agreed to some sort of payment plan with them, don’t let purchases go without pay over and over again. If a customer is ordering a large quantity of items and having them shipped to many spots, this can also be a red flag. By knowing your customers and how they operate, you stand less of a chance of becoming the next fraud victim.
  3. Be alert to what is going on – In running your small business, you are busy. Well, at least the hope is that you have more work than you can handle. That said you still need to take some time to be alert to what is going on in the news. For example, read up or watch some videos and newscasts on identity theft fraud. The more you learn about it and the signs to look out for, the less of a chance you will become the next victim.
  4. Be smart about what you say – Last, you may well use social media to market your brand. In fact, this would be a very smart thing to do. With that in mind, make sure you are careful about saying too much on social media. Avoid giving out any personal financial info online that could come back to haunt you. Details like where you bank and more should be for you and you only. As more criminals check social media to find one giving out too many details, think before you type.

As hard as you work to run a small business, the last thing you want to have happen is become the next fraud victim.

Take identity theft and other forms of fraud in a serious manner.

When you do, there’s less chance of becoming a victim.

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