Nearest broker: Searching for a broker nearby…
Nearest broker: Sudbury Phone: (705) 523-2030 Penetanguishene Phone: (705) 549-7437 Ottawa Phone: (613) 733-3312 Parry Sound Phone: (705) 746-2441 Orillia Phone: (705) 325-4234 Kemptville Phone: (613) 258-5991 Eganville Phone: (800) 884-1045 Petawawa Phone: (613) 687-4805 Belleville Phone: (800) 361-0941 Winchester Phone: (800) 487-3706 Wellington Phone: (613) 399-3620 Trenton Phone: (877) 455-0299 Prescott Phone: (877) 504-3569 Picton Phone: (888) 475-2776 Peterborough Phone: (800) 958 2270 Perth Phone: (877) 248-1222 Pembroke Phone: (877) 399-3299 Oshawa Phone: (800) 887-7309 North Bay Phone: (705) 475-0001 Napanee Phone: (613) 354-2152 Morrisburg Phone: (800) 806-0746 Midland Phone: (888) 737-6465 Madoc Phone: (613) 473-5266 Kingston Phone: (800) 590-5422 Gananoque Phone: (800) 932-2131 Embrun Phone: (866) 853-4740 Crysler Phone: (888) 292-7098 Courtice Phone: (888) 761-0443 Cornwall Phone: (844) 463-3616 Cobourg Phone: (800) 895-5902 Carleton Place Phone: (888) 237-9517 Brockville Phone: (888) 345-8663 Brighton Phone: (613) 475-1430 Barry’s Bay Phone: (866) 845-2123 Barrie Phone: (705) 726-3350 Bancroft Phone: (800) 994-0036 Arnprior Phone: (800) 668-7337
Get a Quote
Open Menu
sansdisk sd memory card

Top Ten Anti-Fraud Measures for a Small Business

One of the biggest misconceptions in small business is thinking that you are too small to worry about fraud; thinking fraud really only happens to the big guys. Thinking this way is a large mistake – and a costly one too. In fact, financial fraud and identity theft are on the rise, and small business is particularly vulnerable. The following tips can help you protect your small business limit its exposure to fraud.

  1. Commit the resources – unfortunately, small businesses often overlook spending the money on fraud prevention measures, leaving them more vulnerable than their larger counterparts. Fraud can sometimes make or break a small business, so invest in prevention – it is well worth the money spent.
  2. Educate yourself – the best prevention is education. Be aware of the various fraud scams and ensure that you educate your employees as well.
  3. Establish anti-fraud policies – Identify which fraud schemes are most likely a threat to your organization, and then develop the prevention policy.
  4. Establish hiring practices – when hiring, ensure you check references and verify previous employment. Sadly, in many cases, fraud is conducted from inside.
  5. Conduct audits and inventory counts – frequent reviews of specific areas of your business that are more vulnerable to fraud are necessary.
  6. Review financial records – before passing any documents on to the bookkeeper, review for missing cheques, unknown payees or payments made out of sequence.
  7. Invest in IT security – anti-virus, firewall and spyware are advisable, and passwords should be strong and changed monthly.
  8. Keep diligent records – keep track of everyone you do business with and look-out for anything out of place in the billing.
  9. Hire resources – if you feel anti-fraud measures are too much for you to handle, consider hiring out help. Look for trusted associations; they will get the job done.
  10. Get insured – contact your insurance broker to ensure you are properly covered for fraud and all of your small business needs.

Protecting your business can be difficult and fraud is just one of the many exposures. Don’t let the bad guys win! For a comprehensive small business quote you are going to want to head to our small business insurance page. For more information on protecting yourself from Fraud, head to the Canadian Anti-Fraud Centre.



No comments found.
Anonymous User

Leave a Reply

Your email address will not be published. Required fields are marked *

You Might Want to Read

Meet the Dougallers: Rebecca Slaughter
Meet the Dougallers is back with Rebecca Slaughter who is part of our new office in Petawawa! We sat her down to find out a...
Welcome Burr Insurance to the Team!
Burr, is it cold in here? Not anymore, we are heating things up with the addition of Burr Insurance to the McDougall Insurance team! Burr...
McDougall Family Fund 2021!
Our McDougall Family Fund is back! Go to our Facebook Page for full details. What is the McDougall Family Fund Contest? This is our 8th...
Request a Free Quote

It’s simple and won’t take long.

Get a Quote800-361-0941

Person standing, looking down at laptop