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Use these six steps to put a stop to online business fraud

by , 25 July 2014
The Internet can be a scary place. You've heard thousands of stories of business owners losing everything because of online scams.

It's enough to make you want to hide in the dark ages and never use the Internet again. But if you do that, your business probably won't survive anyway.

The good news is, you can keep up with the technological world and prevent business fraud with these six steps to online fraud protection...

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

Six steps to prevent fraud when you use Internet banking in your business

You don't have to avoid the Internet completely to protect your business from online scams if you just:
Step #1: Control which employees can make payments using your business' Internet banking. They must get authorisation from you or a manager before they can do this. Don't give out your company's online banking details to your employees.
Step #2: Always get proof of banking details from your creditors and beneficiaries. 
Step #3: You or one of your managers must load beneficiaries or creditors onto your Internet banking profile.
Step #4: Your bookkeeper must load the payment onto your Internet banking. Ensure your Internet banking with profiles that only certain people can load and authorise payments with.
Step #5: You must check the following before you give authorisation:
- Is it a valid beneficiary?
- Does the amount match the invoice?
- Is the payment date correct?
- Do you have enough funds to pay for it?
Step #6: File all the documents from any of your Internet transfers.
All these steps come down to limiting and controlling who can make payments from your company to prevent employee theft. So follow these steps and always look out for online scams when it comes to using your business Internet banking. 
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Here's how to improve cash flow, analyse your financial statements and eliminate fraud in your company…

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