RBC Branch Manager Michael Yarowy and Senior Accounts Manager Cheryl Hilts spoke to yesterday’s Flin Flon and District Chamber of Commerce meeting on protecting your small business from fraud. Hilts says approximately 50 percent of business owners experience fraud but it’s often under reported. She said internal fraud can happen anywhere and includes asset misappropriation, theft, corruption, cheque fraud and technology fraud but there are ways to protect your business. She says you should have more than one person responsible for your business finances, implement mandatory vacations and perform background checks on employees, hire an external analyst to perform audits, keep diligent records to avoid duplicate or false payments, remember your cheque processing red flags and review your accounts regularly online so you can monitor your business transactions and balances.
One website to find more information is the Canadian Anti-Fraud Center www.antifraudcentre.ca.