Here are seven tips to help safeguard your business from fraud:
- Separate duties among employees for creating and signing checks,
- Implement dual control processes for vendor acceptance and financial transactions,
- Set up strict policies around email and internet usage, and keep antivirus software up to date,
- Use Positive Pay. This service matches up information about checks you've written with those presented to the bank for payment.
- And through ACH Block, stop payments from posting that don't fit with the criteria you've set, such as a cap on the amount of money paid to a vendor,
- Also consider Account Reconciliation where your bank assists in reconciling your company's checking account to help ensure swift detection of suspicious activity,
- Lastly, with Lockbox services, your customer's payments are sent directly to a special post office box rather than to your business. The bank processes and deposits the checks into your company's bank account, helping prevent internal fraud by segregating these duties.
That's information worth knowing.
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