Fraud Prevention

Fraud can impact businesses of all sizes, and it’s essential to take proactive measures to protect your company. Most frauds are inside jobs, carried out by your so called trusted employees. As a consulting firm, Canri Consulting can play a crucial role in helping safeguard your operations, and dealing with your employees (firing and contacting law enforcement) after the fact. Here are some practical tips to reduce fraud risk:

• Educate your employees about different types of payments fraud that can threaten the business.
• Prioritize your organization’s fraud risks by identifying accounts most susceptible to fraud.
• Reduce opportunities for theft by implementing controls.

• Require documentation to support payment requests.
• Use dual controls and separation of duties to oversee transactions and vendor information changes.
• Perform callbacks to verify nonstandard payment requests or changes in payment instructions.

•  Conduct regular fraud prevention training to ensure proper use of payment fraud controls.
• Simulate phishing emails or business email compromise scenarios to identify weaknesses.

• Consider using services like Chase Connect® with Cashflow360SM for faster fraud detection.
• Implement fraud prevention tools to minimize risk.

• Always check references and perform background checks (including employment, credit, licensing, and criminal history) for new hires.
• Ensure that your team members have a clean record and are trustworthy.

• Monitor access to physical assets, data, and money at all levels.
• Use pre-numbered checks, keep checks locked up, and establish a “voided check” procedure.
• Never sign blank checks.

• Educate your staff about common scams and how they happen.
• Encourage open communication among coworkers if they suspect fraudulent activity.

• Regularly verify invoices and cross-check them against purchase orders.
• Confirm payment instructions and contact information before processing payments.

Remember, fraud prevention is an ongoing effort. Stay vigilant and adapt practices as needed. If you need customized advice, you can always reach out to Canri Consulting for expert guidance. Feel free to contact us for personalized fraud prevention strategies tailored to your specific needs.