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Fraud and Your Business: Minimise the Risks

by Dan on November 21, 2011

Fraud can be destructive for anyone, but it can be particularly devastating for those whose personal and business bank accounts are in the same name. This is because identity theft will jeopardise not only their personal finances, but also their income. So, following from this, how can you protect yourself against them menace of identity theft?

  • Keep all your personal information safe by regulating who sees it. Be cautious when it comes to disposing of personal information by shredding everything with personal details and making sure that valuable post is not being delivered to an old address.
  • Keep on top of your financial status by signing up to a credit reference agency, like Experian or the Credit Expert. These help you to see exactly what credit you’ve applied for, as well as giving you useful information on your credit rating.
  • Many people are unaware that companies and directors are just as susceptible to fraud. Limited companies must be on their guard against criminals who update confidential company information without authorisation. Search Companies House Fraud Prevention on Google to find out more about how you can protect your company.

The key to fraud prevention is to not reveal any useful information to anyone and to make sure that personal information remains personal. Remember, you are more susceptible to identity theft if you have had any personal documents stolen or lost (passport, driving licence, etc.), if you aren’t receiving mail you should be, if you get rejected for credit despite having a good credit history or if you get calls from debt collectors or financial institutions for debt that is not yours.

Hopefully you’ll never becom the victim of identity fraud, but just hoping isn’t good enough to prevent it. You have to actively make it hard for people to steal from you.

If you have any useful tips or hints, please post below.


Dan Little

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