Fraud

What is fraud?

The definition of fraud, according to Dictionary.com, is 'Deceit, trickery, sharp practice, or

breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage.’ Basically the aim of fraud is to gain a lot of money, however they go about do this illegally.

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How to protect your Business from Fraud:

1. Protect your Credit Cards and Bank Accounts
  • Separate your personal bank and credit card from your business accounts. This will help to track business expenses and report deductions on your tax return.
2. Secure your IT system
  • Every company should invest in a firewall and anti-virus software. It is also very important to back up your work, this will make it easier to work during a cyber attack.
3. Use a dedicated computer for banking
  • Use one selected computer for all of your banking and transactions. Ideally, a computer not used for any social media, emails and random Internet-surfing. These things make your data Vulnerable.
4. Educate your staff
  • Make sure your staff know what fraud is and how to suspect and prevent it.
5. Insure your business.