EP074 How to Protect Your Business from Fraud
Canadian business owners and entrepreneurs shouldn’t lose sight of the risk of internal and external fraud. The dangers of fraud are real, and it is a misconception to think that fraud only happens to big firms. A business and its employees can be at risk of many kinds of fraudulent crimes. Companies are at even higher risk now that many parts of business operations take place online, so it is vital to protect against cybercrime.
Today, I share 6 tips on how to protect your business from fraud. I reveal the different types of internal and external fraud that entrepreneurs and small to medium-sized business owners should be aware of and stress the importance of keeping your business vigilant against risks. I also share practical tips that any business can implement to protect themselves against fraud.
“As business owners, we owe it to our customers, employees, and to our industry as a whole, to make sure that we are protecting everything related to our business.” – Tracey Bissett
This Week on Young Money:
- The two common sources of fraud.
- Examples of internal fraud and external fraud that business owners should be aware of.
- How entrepreneurs and small to medium-sized businesses can protect themselves against fraud.
- The importance of not losing sight of protecting your businesses.
6 tips on how to protect yourself from internal and external fraud:
- Educate yourself and your employees.
- Implement clear policies.
- Keep detailed, accurate records.
- Hire well.
- Enable whistleblowing.
- Make sure you are covered.
Resources Mentioned:
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