Look into the security systems your bank uses for online banking to be sure things like automatic logout are available.
Your Employees Are Probably Stealing From You. Here Are Five Ways To Put An End To It.
Create a well-monitored reimbursement policy for employee expenses and stick to it. Handle bills online so there are as few paper bills lying around an office as possible. The more paperwork there is, the more likely that a bill with banking information could fall into the wrong hands. Hackers are experts at cracking computer systems. A sturdy firewall can help protect your company data, while antivirus software can help detect breaches early on. There are several well-regarded cyber-security vendors. Find the product that best addresses your needs.
Protect your business
Set up strict protocols that require employees to create passwords that are difficult to decipher. Have employees change their passwords every 60—90 days, and set password requirements to help ensure they generate strong passwords.
Consider backing up your files on a daily or weekly basis, and store them offsite. If something happens to your system, you'll be able to restore the files you need without much downtime.
4 Ways to Protect Your Business Against Employee Fraud and Theft
When expanding your workforce, it's crucial to find people who are not only qualified but who are also trustworthy. Conduct a thorough background check.
There are companies that can provide this service for you. When you narrow down a list of potential hires to one or two people, you can run a check on the finalists before making your final decision. Make sure you obtain proper permission to run the check. A secure entry system can keep out unwanted visitors. In addition, management can limit access to specific areas to certain people.
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For instance, you can use a key card system to only let the IT managers inside the server room. This is often referred to as Fidelity Guarantee Insurance. Secondly, businesses should carefully design their internal systems to ensure there are checks and balances in place. Where possible, there should be accountability for every position in the company.
No single employee should have the broad power to authorise financial transactions without the consent of a second individual. For example, one employee may input bills into the businesses accounting system, while another would be responsible for approval and payment of those bills. Our team will identify areas within your business that may be at risk or vulnerable to employee theft. We can then recommend ways to strengthen these internal processes to best protect your business.
Get in touch with Nick Street and the team at Wilson Pateras for your free consultation. Published: January 17, Categories: Business Advice. What Is Employee Fraud? How Can Wilson Pateras Support?
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