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Tips for preventing business fraud

Tips for preventing business fraud

October 04, 2018

Tips for preventing business fraud

Tips for preventing business fraud

October 04, 2018


If you weren't able to attend our 2018 Business Breakfast Series session on fraud prevention, read below for some tips to avoiding fraudulent situations. Whether you’re a small business owner or part of a larger corporation, fraud is a serious concern to be aware of and to assess and minimize in the workplace. While we can’t eliminate all fraudulent activity, we’re proud to provide you with the latest information and tactics to mitigate it. Together, we can build a safer workplace for everyone.

The most common types of fraud are internal and external embezzlement. This can occur through cash mismanagement, fake invoices, or altering customer data. But, through strategic monitoring and maintaining proper internal controls, there is a reduced chance of fraud occurring. No employee should oversee multiple steps in the process and managers should pay attention to quantity and quality. Also, conducting a fraud risk assessment is essential to an effective process. Once this is in place, continually adapt and simplify internal controls based on feedback and results. 

Best practices to help prevent fraud include: 

  • Cyber security and social engineering training for all staff
  • Periodic audits of financials
  • Create digital policy
  • Explore value of fraud insurance
  • Fast reconciliation of bank accounts
  • Include fraud in your disaster recovery plan
  • At regular intervals, review transaction limits and signers
  • Use Positive Pay and ACH Debit Block as an additional tool

Here are also a few basic do's and don’ts for online security:


  • Maintain separate workstations for sensitive accounts and critical systems.
  • Use complex passwords and change them often. Install personal firewalls, enterprise firewalls, and web filtering software, and keep all rules and lists updated.
  • Keep security patches current.
  • Restrict access to sensitive data.
  • Maintain separate user IDs when working with sensitive accounts and critical systems.
  • Segregate duties with at least dual levels of control.



  • Open emails from unknown sources.
  • Install software from unknown sources or unknown websites.
  • Write down passwords in common areas.
  • Click on unknown internet links.
  • Give out information about security measures.

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