ARRESTING SMALL BUSINESS FRAUD

It’s tough enough to grow a business without people ripping you off. Here are four simple ways to protect your business from fraud.

1. Compare checks to invoices:

Keep a sharp eye on any incoming cashier’s or business checks you process. The checks may look real, and they might even make it past phone or online confirmation. The problem, however, is that they may not correspond with your customer’s order. That sketchy check is usually followed up by a distraught or embarrassed “customer” asking for a refund. It can take weeks for a bank to deal with a fraudulent check, which gives the perpetrator plenty of time to make a clean getaway with your money.

2. Institute a wire transfer policy:

If you allow your customers to pay with wire transfers, you run the risk of having your business account cleaned out by an informed criminal. Fortunately, there’s an easy fix. Ask your bank to set up a free checking account and use it only for accepting wire transfers. Now you can provide customers with the account number and routing information knowing that you’ve minimized the risk of unauthorized ACH transactions wiping out your business.

3. Apply for funding only from legitimate sources:

You can find anything online, including websites that purport to fund entrepreneurs, start-ups and small businesses. In reality, it’s just another variation on a phishing scam, designed to get your personal references and account information. Armed with that info, scammers can gain access to your bank accounts and even set up fraudulent credit card processing accounts in your company’s name. Be smart: only apply for funding through proven, legitimate lenders.

4. Don’t pay bills before confirming you incurred them:

Another popular ploy used by scammers is to trick company employees into authorizing purchases. What follows, typically, is an escalating onslaught of abusive calls and threats in an attempt to extract payment. The Federal Trade Commission says that small print on a survey or a directory listing request does not an order make, and that contracts made without authorized consent can’t be enforced.

Extract from: http://business.time.com/2013/05/17/arresting-small-business-fraud/

Be aware, look around you!

We received the following information to share with the community:

1. Coke can/bottle/red cloth/lint or KFC Box – expect an armed attack. It indicated people who are vigilant with good security including proper burglar proofing and alarm systems
2. 2 or more Coke cans/bottles and other red items in combination with stones/rocks – it incidates that they know you have a weapon and that you are vigilant.
3. Coke can/bottle with the open side facing your property – it indicates that they know someone is at home
4. Coke can/bottle standing upright – they know someone is not at home
5. Red lint/bag with our without buttons – watch out, they want to poison your dogs!
6. Red indicators in combination with stones/branches etc – watch out, something is going on and you are a target!

All this said, none of the above mentioned is a finite list. Always be aware of markers or indicators around your property. If it looks out of place, it probably is and remove it as soon as possible!

As always, make use of the call centre, call on your radio and call 10111!