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Are You Protecting Your Business Against Internal Fraud?

Are you doing everything you can to protect your business against internal fraud?

Whether it’s a disgruntled employee or someone you trust the most, you should have procedures and policies in place to protect your business from crimes that could have been prevented.

Internal fraud can include a variety of things that drain money from your business, including:

  • Theft of cash, inventory or office equipment.
  • False invoices.
  • Payroll fraud.
  • False expense claims.

What can you do? Here are some tips to help you keep track of your money and where it’s going:

  • Pay attention. Keep track of who is doing what and look for anomalies that signal problems. Encourage your employees to do the same.
  • Have a fraud policy and make sure employees are aware of what isn’t acceptable and what the consequences could be.
  • Set up checks and balances. Don’t put all financial responsibility in the hands of one person.
  • Strongly consider using the tools that online and mobile banking can provide.

This last point can be an important one, since digital banking services let you monitor accounts at anytime of day from wherever you are.

Digital banking allows you to:

  • Restrict who can access your accounts and what each person can do.
  • Use dual controls, where certain employees can set up transactions but someone else is required to approve them.
  • Receive alerts via text or email about transfers, withdrawals, balances and transactions awaiting your approval.
  • View statements, including canceled checks, online.
  • Monitor and approve payments.

Talk to us about how you can protect your business against fraud and how digital banking can help.