By Cailyn Theo
Wichita businesses, like companies all over Kansas, are at risk of a lot of different types of scams. Criminals are always coming up with new schemes, from check fraud and identity theft to tax refund scams.
To protect your business from these financial risks, you need to know about common fraud plans and put strong measures in place to stop them. When it comes to making a complete plan to stop fraud that fits the needs of your business, a CPA in Wichita, KS, can be very helpful.
How dangerous check fraud is:
Businesses are still having trouble with check fraud. Criminals often use weak spots in the payment system to target companies with fake checks that they know are not real.
Checks from outside the state, especially ones from banks you do not know, and strange payment requests, like wire transfers right away, are common red flags. A Wichita business might want to take the following steps to protect itself from check fraud:
Use check verification services.
Use third-party services to make sure checks are real and lower the risk of getting fake or changed papers.
Limit the acceptance of checks.
To lower the risks associated with checks, think about other ways to pay, like credit cards or internet transfers.
Train your workers.
Teach your employees how to spot strange checks and other signs of scams so they can be the first line of defense.
Identity theft is becoming a bigger problem.
Identity theft is a common problem, and hackers are going after companies more and more. These malicious individuals use scams, malware, and social engineering, among other things, to steal private information. For Wichita businesses to avoid identity theft, the following steps should be taken:
Increase employee awareness.
Make your workers aware of the latest hacking and social engineering methods by teaching them on a daily basis. Stress how important it is to keep personal and business information safe.
Have strong policies for passwords.
Make strong password rules and tell workers to make passwords that are both unique and hard to guess for all of their accounts.
Prioritize data protection.
To keep private data safe from people who should not have access to it, use encryption, firewalls, and intruder detection systems.
Have a response plan for an incident.
Make a detailed plan for how to handle data leaks that include steps to limit the damage, tell those affected, and get operations back up and running.
Dealing with the difficulties of tax refund fraud.
Tax return fraud is a complex plan that targets both people and businesses. Criminals could use stolen personal information to fill out fake tax forms and get refunds. For Wichita companies to stay safe from this kind of theft, they should do the following:
Keep accurate records.
Keep very detailed financial records to make sure your tax returns are correct and to find any problems.
File on time.
Tax returns should be turned in as soon as possible to avoid people making fake returns with stolen information.
Be careful.
Be wary of emails that seem like they might be about taxes that do not seem right, and make sure that calls for personal information are real.
A proactive approach to stopping fraud.
Businesses in Wichita need to be cautious and use a variety of methods to fight fraud. Small businesses in your area can greatly lower their risk of losing money by using the following strategies:
Do regular security checks.
Look over your security steps from time to time to find and fix any possible weak spots.
Manage the vendors.
Carefully check out business partners and sellers to lower the risk of scams in the supply chain.
Use fraud tracking tools.
To find and stop fake activities, use cutting-edge technologies.
Enforce incentives for employees.
Make people more aware of security by recognizing and thanking them when they spot possible scam attempts.
Businesses in Wichita can avoid losing money by learning how scams work, spotting warning signs, and putting in place strong prevention plans. For long-term success, they should also be able to adapt to new security threats.
