- Destroy your company's reputation with customers.
- Subject you to potential civil and legal penalties if you fail to adequately protect sensitive information.
- Compromise the safety of employees and customers.
- Ruin your company's credit record.
Action Steps
The best contacts and resources to help you get it done
Discover how to recognize the most common scams
Scam artists aggressively copy the successful strategies of their peers. But numerous reliable government and private-sector resources can help you identify and deal with them.I recommend: Download the free Federal Trade Commission pamphlets on avoiding common scams. There's helpful advice at the Securities Exchange Commission Web site, the National Consumers League "Scams against Businesses" Web page and Mymoney.gov.
Assess your vulnerability to scams
Finding weak spots in your defenses requires a review of areas scam artists might target. Examples include bill-paying procedures, your IT security and methods used to find and communicate with suppliers and customers.I recommend: Let Visa show you how scam artists exploit weaknesses in credit-card payment procedures. Also see Visa's advice on conducting a security audit, along with advice at Entrepreneur.com. SecurityMetrics conducts security audits for companies.
Implement a company-wide defensive plan
An anti-scam plan should address all processes relating to the handling of sensitive information.I recommend: E-commerce firm VeriSign provides security services for online networks. Credit-report provider Experian also has tools to help prevent certain types of fraud, and read the New York City-area Better Business Bureau tips on ways to prevent fraud. Bank of America's Ten Tips on Fighting Small Business and Financial Fraud offers more fraud prevention measures.
Develop a response strategy if you are victimized
You'll need to act quickly if the worst happens.I recommend: Report occurrences of fraud to the organizations on lists published by the Federal Citizen Information Center and the National Association of Attorneys General. Get advice on crisis management from public relations professionals at AllAboutPublicRelations.
Tips & Tactics
Helpful advice for making the most of this Guide
- Discuss fraud prevention measures with your company's insurance broker, who may be able to connect you with valuable resources.
- Seek out fraud-prevention seminars and other resources from local law enforcement.
- Protect and reward whistle blowers who alert you to fraud in your company.
- Discourage employee fraud by creating a positive environment at work.
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