Ridout Barron

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587-315-8454

Every business is vulnerable when it comes to fraud

With the holidays approaching, along with the increased commercial pace, fraud will likely be rampant. Business fraud is something that costs businesses in Alberta and across Canada millions of dollars each year. Fending off business fraud requires vigilance and plans that involve owners and staff members. Fraudsters are enterprising, and they will always come up with new, more innovative strategies to get past that first line of defence to gain access to emails, social media and more.

Safety advisers say an effective safety plan against fraud requires awareness of the latest scams that fraudsters use to target businesses. Frequent updating of anti-fraud policies is crucial, and so is sharing with employees any new information about the ever-changing tactics of fraudsters and scammers. Investing in network security systems is a good start, along with strong security practices that include training employees on how to recognize fraud and scams and the importance of reporting any suspicious behaviour.

Establishing accounting systems with fraud prevention in mind might help with the detection of suspicious activity. Advisers say each business should have specific rules when it comes to payment procedures. Furthermore, limiting the number of staff members with the authority to make payments can add another layer of protection.

Alberta business owners can get help to off fraud. With the support and guidance of a lawyer with experience in commercial and business law, each level of the company can be risk-assessed and issues addressed where necessary. In the event of a fraudster gaining access, the lawyer can deal with any ensuing legal proceedings to pursue recovery of monetary damages.

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Ridout Barron

802 13th Ave SW
Calgary, AB T2R 0L2
Phone: 587-315-8454
Fax: 403-271-8016
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