How to prevent business fraud.

[Augusta]

There are different fraudulent activities that you would confront as a business owner and as we rightly know it is always good to prevent than wait for it to happen before taking precautions.

This is why it is great to close all loopholes that fraudulent activities can emanate from that might cause a loss in your company. You would need to do the following to avoid fraud.

1. Always keep the original invoice of the company's debtors. This will help you to get the right amount that you were owed by the debtors and prevent any fraud from the debtors.

2. Put in charge of your account department, a worthy person that will keep the account books as clean as possible.

3. follow up on all the debtors activities personally if need be to be able to track your business money. This way you would be sure that the Owings of the company has been retrieve from the debtors just the way it should.

4. Have a record book for almost all transactions in the business. This will help you have a proper record of all the activities that is carried out in the business.

what's your thought on this?

 

[Good-Guy]

Unfortunately, it is not so simple to avoid fraud because business fraud could take various kinds of forms. Most of the scammers are actually very cunning people and they know whom they should target and how they should target. Most of the time, many simple-minded people often fell prey to these scammers. In fact, there have been cases of many people losing their life savings to many of such kind of scammers and the evolution of technology has also made many things easier for such kind of con artists. One of the major things many scammers often use is fake documents to fool people.

They also impersonate the officials of reputable organizations to gain the trust of people. This is where you should become careful. If a person claims to belong to a well-known organization, then you must verify his or her claims. This is a great way to avoid being scammed. Even if a person does belong to a popular organization, then still NEVER share any of your personal information with any kind of employee of any organization. The support staff would never ever ask for any such confidential information from any of its customer. The security of your information is in your hands many times!

 

[Augusta]

Yeah the security of everyone is in their hands especially when it comes to the security information. one needs to be very careful and keep away all security details away from others maybe apart from the key people in the company that might be needing the information. I know fraud does come in different forms but one just need to be careful.

 

[PICKFORD]

No one starts a business, only one one fateful day your business assets are being stored as a result of fraudulent activities. No matter how we try to avoid fraudulent activities in business sometimes it happened as a result of mistakes of an employer or an employee. That is why it is advisable that but the employer or manager and employee must be cautious and alert in anything they do concerning business practices and activities.
to prevent fraudulent activities there are some steps strategies rules and regulation you have to follow some of which I know: a good example is by keeping necessary records when goods are being sold to customers receipt as well as invoice have been taken or drawn out it is therefore necessary that the company or the business organisation have a copy of sales receipt so that necessary corrections if any mentioned by the buyer or customers and clients can be made.
Another way to prevent fraudulent activities in business environment is by following up business transactions, sometimes this is one of the major reason why most business get robbed of their assetsit is important that business transaction and being monitored and being sure that they are correctly deposited to expected person's and in case of complain or report the company will have proof to know whether such transaction was made or mismade

 

[Augusta]

Well stated it is good to always keep the records of the business especially when it had to do with Owings by outsiders so that you would remember and the exact amount retrieve from the debtors. business sometimes is very fragile as such one must be very careful of the dealings or else fraud will take over and ruin the business.

 

[Alexandoy]

When I was in college, our professor in the accounting subject explained in detail the main cause of losses in the warehouse. When the cargo is delivered, the invoice says 100 boxes but there are 2 boxes that were empty. That is the kind of fraud in the olden days. There were no merchandisers that handled the delivery so it is easy to defraud the customer. It usually happens in stores and supermarkets. But now we see the merchandisers who are in charge of the inventory of the delivery before the cargo enters the warehouse. That is the safest measure to avoid cheating in the number of the goods. I believe that in the future the cargo will undergo x-ray machine for the actual count of the contents as another measure to counter fraud.

 

[Kingsley]

Fraudulent activities is prevalent all over the world and has really destroyed the fabrics of somany world economies and it has become a menace that has eaten deep into some countries today and has made it difficult for some citizens of a particular country in Africa to travel to other parts of the world without having one for of stigmatization or the other. When we look at the word fraud we will realise that it simply means a way of getting things from others in a deceptive manner, hence you will realise that the victims of fraud are not always aware of what is going on and they enter into transactions with the culprit innocently. Another concept associated with fraud is the idea of the culprit having the full knowledge of what they are about to do and of what they are do in when the fraud is been carried out and of what they have done when the fraudulent act has been completed. So how do we prevent it from occurring, for us to prevent fraudulent activities from taking place we must first put in a place a very strong control system that will have duplicate records of all transactions this will enable us to cross check all activities taking place in an organization and there must be periodic evaluation of transactions and auditing aswel.