Despite the fact that you have trust on your employees and the security system, there are a number of procedures which you will need to implement to minimize the risk of fraud. The ways in which fraudulent activities can be revealed are numerous and varied. So as not to suffer financial losses on your commercial, it will be proper to have some policies in place to minimize the chances of getting defrauded. As outlined on this page are the techniques of minimizing fraud threats in your commercial
To lessen the possibilities of getting defrauded, you will have to opt for the contactless payment protocols if you will have allowed the use of the credit cards. The number of instances when the credit cards will be presented by people who will not be the true owners of the card are many. Developing a contactless system will offer you additional security measures which will help you reduce the chances of fraud. With these systems, the information of the cards will not be easily traced by the fraudsters as specific identification features will have to be used. As well, there will be no cases of having the cards getting stolen.
Making regular bank account balance checks is another way through which you will be able to minimize the risk of fraud in in your business. This will be a vital way in dealing with the fraud that could emanate within the business itself. As you will need to be vigil on dealing with external fraud, you will need not to forget that you can be defrauded by some of your employees. You will have to assess your bank statement by yourself before you consult with your accountants. As such, you will be able to point out the misses and ask for clarification.
You will in the third place need to come up with some measures to protect your accounting system. You will have to make use of he provided security protocols which will be incorporated within your accounting system so as to put off the fraudsters. You will have a very effective auditing system by limiting its access to very few individuals.
There will be need to monitor the occurrences of both the billing and expenses fraud. Billing fraud is the most rampant form of fraud within your business. So as to prevent this, you will need to have separate employees who will create the invoices and the other who will deal with the billing transactions. Before winding up the transactions, you will need to have quite a number of checks and authorization levels. You will have to confirm the originality of the receipts so for the commodities that will be claimed.