With the new year well underway, it’s important to revisit your risk and fraud policies to make sure they still align with your business strategy for 2019.

Having a person in your organisation that understands the potential risks within your business strategy helps you to identify the possible pitfalls and how to ensure they don’t occur.

Below we cover some of the basic rules that will help you to keep on top of potential threats to your business.


Know your customer

Understand who controls the business you are dealing with and ensure they are someone you want to do business with. If a deal sounds too good to be true, then it probably is.


Understand your vulnerabilities

If you pay attention to the media, you’ll know there has been quite a few high-profile data breaches in recent years. Understanding where you’re vulnerable is an important first step for many small businesses to ensure you don’t suffer a similar fate. Be it physical or digital property, knowing where you’re vulnerable allows you to protect yourself and develop contingencies should a breach occur. If you don’t have specialists in this area, consult an organisation like IntegraPay that can help you with fraud mitigation practices.


Learn how to protect your assets

Your assets may be physical or digital and both needed to be guarded well. If you have an online environment, ensure you consult reputable/known professionals for assistance. If you have physical assets you must know who has access to them, and that these people are trusted and vetted. Remember access is a privilege in a needs based environment.


Know your mandatory requirements

Privacy is a hot topic and with legislation like GDPR becoming mainstream, it’s now a mandatory requirement for conducting business. When you’re collecting information for your business, be it payment data or otherwise, it’s important you answer these questions:

  • Why do I need the information?
  • How do I collect the information?
  • Is the information protected?
  • Have I asked consent for the information?
  • Have I informed the user what the data will be used for?
  • Is my privacy policy understandable and easily available?

If you’re unsure about any of the above questions, you need to go back and develop clear answers or solutions – otherwise you risk being non-compliant.

With fraud on the rise across the globe, we believe it’s very important to take the time to review your business processes and ensure you’re well protected.

If you have any questions about fraud and how you can protect your business, please feel free to get in touch.