It's Fraud Prevention Month — can your business fend off fraud?

March 13, 2019 - Tags: E-business Managing

This guest blog post is provided by the Competition Bureau, an independent law enforcement agency that ensures Canadian businesses and consumers prosper in a competitive and innovative marketplace. Headed by the Commissioner of Competition, the Bureau is responsible for the administration and enforcement of the Competition Act, the Consumer Packaging and Labelling Act (except as it relates to food), the Textile Labelling Act and the Precious Metals Marking Act.

Fraud is nothing new. Year after year, Canadian businesses lose millions of dollars to fraudsters, who are always adapting and changing their tactics. And contrary to popular belief, fraudsters are not obvious and they will target even small businesses.

Did you know that approximately one in five small businesses has been victimized by fraud? And it costs them $6,200 on average. Take the initiative! Establish a protection plan to help your company fend off fraud.

When it comes to fighting back against fraud, knowledge is power and vigilance is your best defence. Find more information and training tools for small and medium enterprises, and equip your team to counter the latest scams that target businesses.

On top of knowing how scammers operate, your anti-fraud plan should include:

  • Investments in network security systems
  • Good employee training on fraud detection
  • Strong business security practices
  • Clear payment procedures
  • A limited number of employees authorized to make payments
  • Well-organized accounting systems to help detect unusual activity

As part of Fraud Prevention Month, the Bureau encourages Canadian businesses to recognize, reject and report suspicious activity to law enforcement agencies.

With information, vigilance and a plan, you and your employees can be the first line of defense against fraudsters trying to get a foothold by phone, email, social media or at your door.

Make sure your business is good at fending off fraud!

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