All businesses, especially small businesses, are vulnerable to fraud, and the impact can be devastating. According to Business Fraud Prevention, small businesses experience fraud at a 42% higher rate than larger companies. The good news is that there are proactive steps you can take to safeguard your finances and protect your business from fraudulent activities.
Shield Your Accounts
One of the simplest yet most effective ways to reduce the risk of fraud is by properly managing your business accounts.
Separate Personal and Business Accounts
Keeping your personal and business finances separate not only simplifies accounting but also reduces the risk of cross-account fraud.
Pay Bills Online
Online bill payments help minimize the risk of mail fraud, providing a more secure and traceable method of managing your business expenses.
Set Up Automatic Alerts
Enroll in automatic alerts for your company’s credit and debit cards to monitor transactions in real time. These alerts can quickly notify you of any suspicious activity, allowing you to take immediate action.
Verify Payments
Regularly verifying payments and account activity is crucial in detecting and preventing fraud before it causes significant damage.
Daily Account Reviews
Make it a habit to review your account activity daily and balance your statements monthly. This routine helps you spot discrepancies early, making it easier to address potential issues.
Positive Pay Service
Utilize BankChampaign’s Positive Pay Service, a powerful check fraud detection tool. This service compares checks presented for payment against a list of checks you have authorized, flagging any discrepancies for further review.
Protect Your Technology
In today’s digital age, protecting your business from cyber threats is just as important as guarding against traditional fraud. Consider these essential steps: