Is Cybersecurity on Your Fraud Prevention Plan? Use These Critical Fraud Mitigation Guidelines to Help Protect Your Organization

Wrapping up our month-long topic on fraud prevention and fraud mitigation in your organization is our final, huge topic, of cybersecurity.

Thieves and bad actors continue to get ever more sophisticated, and creative, with their nefarious activities.

Keep yourself and your accounts protected using the following guidelines:

Computer Security

• Train your staff to be wary of unsolicited SMS texts or emails and NEVER click on the links provided
• Ensure you have updated antivirus software installed on each device in your company
• Ensure all devices have the latest operating software patches and updates
• Perform nightly backups of your data – and test that you can download the data from those backups
• Inform staff of the various phishing schemes that will come through their computer emails and how to identify, and remove them, from the computer
• Consider bringing in an outside third party computer company to manage your hardware, software, and security

Financial Security

• Set up MultiFactor Authentication on your cloud based software services – especially payroll, accounting, and CRM software 
• Train staff on proper controls for changing Payables information – payees, bank information, address changes
• Billing schemes are the most common type of fraud – accounting for 26% of thefts in organizations!  Manage this by setting up dual controls on purchases – receiving – invoice authorization – payment approval

Banking Security

• Set up alerts on your accounts notifying you of unusual/unauthorized activity
• Set up ‘Positive Pay’ with your bank providing them a listing of all checks issued each day and any checks they don’t recognize, they don’t honor
• Set up MultiFactor Authentication with your bank 

Additional tips to help with fraud mitigation in your company:

• Insurance companies offer products that cover you in the case of fraud, and have resources available to keep your organization on the right track
• Your bank is also a partner of your organization and has excellent resources to protect your accounts – they can guide you through the process

If you’d like to discuss your internal controls, financial controls, and fraud mitigation protocols, I’m available for online or in person consultation.