Running a business is never easy, even if things are running smoothly. As an entrepreneur, you need to be ready for the worst-case scenario, and this includes fraud.
Business fraud doesn’t only happen in movies. It’s much more common than you think. This is why it’s important to invest in your security systems, including Cloud Security and Governance.
Don’t worry! Senan Group LLC will make sure you stay informed about these schemes. With this, our Consulting Services in New Jersey will be discussing some of the common types of frauds that can hurt your business.
Spoiler alert: it’s all of them.
- Identity theft
We’re sure you’ve seen this in soap operas and movies. Identity theft can cost your business thousands of dollars. An example would be fraudsters getting their hands on company credit cards and using them to satisfy their own needs.
Aside from not handing your personal information to random people, you must also invest in your Cyber Security.
- Payroll fraud
Just because you’re a small company doesn’t mean you won’t experience fraud. Believe it or not, payroll schemes are twice as common in small businesses as opposed to larger companies.
Make sure to do thorough background checks before you hire applicants and audit payroll accounts so you can spot fraudulent behavior before it’s too late.