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Two tips to help you prevent online business fraud nightmares

by , 28 July 2014
It's every business owner's worst nightmare! Checking your company's bank balance and noticing someone has transferred money out of your account. Not an uncommon event, except this time you didn't authorise the payment and you don't know who just got R50 000 of your company's money.

Business fraud like this can easily happen if you don't carefully control your company's Internet banking. All it takes is the wrong person getting your banking details and your business will be in trouble.

But, if you use these two tips, you can prevent this online fraud and save your business...

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Two out of five South African businesses fall victim to fraud every year... Don't become a statistic!

Tip 1: Don't give your employees access to your company's banking information

You may trust your employees, but if you give them access to your Internet banking, the temptation may just be too much.
This is when you run into problems with employees who slowly increase their monthly debits. Or worse, a disgruntled former employee may decide to take revenge by emptying your bank account.
The only employees that should have access to that information are your accountant, payroll officer and your CFO.
This is the best way to protect your company's money. 

Tip 2: Be very careful when you make online payments 

There are thousands of online scams these days. These normally work by tricking you into entering your bank details where you shouldn't. Then the fraudsters on the other side capture your details and, the next thing you know, you've lost R50 000.
If you're going to make online payments always check the site is secure. Look for 'https' at the beginning of the URL to say it's a secure site. 
These two tips could save your business from a complete financial disaster!

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