Preventing Bank Fraud at Your Business

Operating a business involves taking risks. There are ways to minimize operational and financial dangers. For example, all businesses, large and small, do their best to hire people who are professionally qualified as well as personally honest. Furthermore, most companies with an online presence or who do any sort of online business with their financial institutions invest in cybersecurity measures

Unfortunately, sometimes breaches and crimes, external and internal, do occur. Online fraud can cost businesses thousands of dollars, and schemes can take many shapes. Internal wrongdoing may not only cost a company valuable dollars but it can also sully the overall reputation of the business. In today’s market, a poor reputation and distrust among consumers can do long-term damage to a company’s chances of success. Danger can come from many directions. To protect your business, first talk to a specialist about OH crime and fidelity insurance. Next, put other safeguards preventing bank fraud in place.

How Can Bank Fraud Be Prevented

Once you have a solid, comprehensive insurance policy in place that will protect your financial interests against various types of risks, turn your attention to other proactive steps that can help keep your business safe from fraud. These actions include:

  • Learn about potential risks – Take time to educate yourself and your employees about potential threats to your finances and reputation. Understand various types of online fraud including fraudsters taking on the role of suppliers and company directors to steal funds, frequent bogus invoices for a few hundred dollars, and banking malware designed to steal money from accounts. This last risk is not as common as the others.
  • Check on preventative measures – Ask what sort of measures are in place for protecting your accounts. In addition to asking about your financial institution’s accountability, take care of your own. Know your customers and their ordering and paying habits, and know your transactions.
  • Stay vigilant – Regularly inspect your business’ financial records to make sure no unusual entries are recorded. If you see something you do not understand, follow up on it.
  • Educate employees – Keep employees educated and current in best practices for online safety regarding opening emails and attachments as well as using company networks for personal use.

There is no one answer to keeping your business safe from every fraud. Rather, by weaving together multiple related steps, you create a full safety net to help protect your business in a dangerous marketplace.

An insurance professional is a good resource for discovering workable risk management solutions to keep your business, large or small, safer. Today’s corporate world has an uncertain landscape. By focusing on preventing crimes and bank fraud before they occur and putting a solid insurance policy in place, you are actually investing in your company’s longevity.

About Haughn & Associates

Founded by Michael Haughn in 1986, Haughn & Associates is a full-service, family-owned, independent insurance agency based out of Dublin, Ohio. H&A strives to provide the best possible price and unique insurance solutions across a myriad of industries, including construction, IT, Habitation & Commercial Property, Agriculture, and Engineering. Devoted to providing the best of business insurance, life and disability insurance, personal insurance, employee benefits, and bonds, H&A is proof that success lies in long-standing client relations and satisfaction. To learn more about how H&A can be of service to you, contact us at (877) 802-2278.