Protecting Your Small Business from Big Fraud

Small businesses can be an easy target for online fraud and other security breaches.  Don’t let your business fall victim to such invasions of privacy for the sake of you and your clients.  Even in a well run business, fraud and theft still take place.  According to a 2012 Association of Certified Fraud Examiners report, the average small business loses five percent of its revenues due to fraud. Let’s approach a few different ways your business and finances can feel secure.

 

Have a password policy

 

One simple way to protect your employees and your assets is to put a password policy into action for your company.  Make sure you and your employees are required to change their passwords every sixty to ninety days.  Set standards to ensure that all passwords are complex.  

 

For example, they must contain at least one uppercase letter, one number, and a minimum of six to eight characters.  Also, be sure to remind your employees and yourself to use different passwords for different online and system accounts.  

 

Provide intricate checks

 

About one out of every twenty adults has been a victim of identity theft or check fraud.  There are a few important security features that you and your employees should be aware of:

 

In the paper:

 

UV Dull Base-Sheet. It’s easy to distinguish from regular printer paper when you place it underneath a UV light.

 

Full Chemical Reactivity. This paper will react to bleach, acids, and alkalis, as well as polar and nonpolar solvent.  This security measure will make your checks impossible to erase and change without a noticeable marking.  

 

On the paper:

 

Microprinting Logo:  When this MP logo is printed next to the signature line, counterfeiters will be aware that the check is micro printed and contains a text that is too small for the human eye to read.

Padlock Icon. This icon will indicate to potential thieves that there are a minimum of three security features on the check.  This is a registered trademark of the Check Payment Systems Association (CPSA).

 

Invisible Fibers. You can have checks made with special colored fibers that are only visible under an ultraviolet light.

Educate your staff


Your number one top defense against theft and fraud in your company is the education of your staff.  Knowledge is a strong weapon against financial intruders.  Suggesting or requiring an updated security workshop every six months or so would be beneficial to thorough safety communication in your business. 

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