Jasz
VIP Contributor
Business financial fraud is a growing concern for businesses, especially those operating in the retail industry. However, it is possible to avoid becoming a victim of business financial fraud by taking some simple precautions.
1. Know who you are dealing with: When you are making a financial transaction, make sure that the person you are dealing with has been approved by your company and has signed a written contract stating what he or she is entitled to receive from you and how much money you owe him or her.
2. Know your business: If you own a small business and need to borrow money from someone who manages other people's money, ask questions about their track record and experience managing money before agreeing to any deal.
3. Don't ignore red flags: If someone asks you to sign an agreement that seems too good to be true, it probably is! Be suspicious if someone tries to get an advance on future payments when they have never done so before; if someone promises high interest rates but can't provide proof; if a loan request comes from someone who works for another company; or if they ask for a large payment upfront without giving any details about how they will repay it back later on.
4. Check online: Businesses should, make thorough research about the company or business you are involved with.
1. Know who you are dealing with: When you are making a financial transaction, make sure that the person you are dealing with has been approved by your company and has signed a written contract stating what he or she is entitled to receive from you and how much money you owe him or her.
2. Know your business: If you own a small business and need to borrow money from someone who manages other people's money, ask questions about their track record and experience managing money before agreeing to any deal.
3. Don't ignore red flags: If someone asks you to sign an agreement that seems too good to be true, it probably is! Be suspicious if someone tries to get an advance on future payments when they have never done so before; if someone promises high interest rates but can't provide proof; if a loan request comes from someone who works for another company; or if they ask for a large payment upfront without giving any details about how they will repay it back later on.
4. Check online: Businesses should, make thorough research about the company or business you are involved with.