fraud

Corso Law Group Founder Offers Small Business Advice

I was recently interviewed by CBS Small Business Pulse, in which I discussed eight important things to know when owning a small business.

“Fraud can be difficult to navigate with small businesses since the owner cannot oversee every detail even though each piece of information is important and must be accounted. Background checks for employees, internal check systems and written training manuals can help secure that the businesses owners have enough implementations in place to keep themselves further away from these potential liabilities.”

“Identify when the small business needs legal help and seek guidance from a specialized professional. If an issue has already escalated, there is still time to work with an attorney to begin the reparative process step by step.”

“For small businesses that work with sensitive or confidential information, small business owners need to do everything in their power to keep that information protected. It is their responsibility to ensure clients and customers feel like they can trust the business.”

“When it comes to hiring for small businesses, owners should do everything to find employees that are the right fit. Conduct background checks and schedule multiple interviews to get a good understanding of character and work ethic.”

“A common instance of fraud that occurs within small businesses has to do with employees succumbing to outside influences or allowing their emotions to get the better of them. For example, if a business relies on just one person to manage credit cards, that person could easily have access to commit fraud.”

“Recognize activity or behavior that may appear illegal, and be proactive about meeting with an attorney before a minor issue becomes a devastating legal situation.”

“Cybersecurity is crucial, especially when it comes to passwords. Do a thorough inspection of where extensive security measures are necessary. Small businesses do not always possess an inside department or outside company that manages their online security, but that does not mean their content and data is any less important to the success of their business.”

“Trust is a key component for running any business successfully, but for a small business owner, being able to trust and oversee all employees just isn’t realistic. By hiring proactive and experienced management, small business owners will have less to oversee individually and more qualified professionals to help keep track of everyone’s actions.”

2015 Holiday Shopping Forecast: Fraud

With Black Friday, Cyber Monday and the winter holidays approaching, what do shoppers need to know in terms of crowds, safe online shopping and credit card security as the year’s biggest retail season approaches?

Black Friday may traditionally represent the start of holiday shopping, but this year expect to see crowds earlier in the season. Early holiday shopping is a continuing trend from last year when one in four shoppers purchased a Christmas gift before Halloween, and approximately 48 percent were done with holiday shopping before Cyber Monday.

While some holiday shoppers will have finished by Thanksgiving weekend, others prefer to do a majority of shopping online during Cyber Monday. This year, 44 percent of the average consumer’s shopping will be done online, according to the the National Retail Federation.

With that many people shopping online, is it safe to trust websites with sensitive information like addresses and credit card information?

It depends. It’s generally safer to use a credit card instead of a debit card when purchasing online or over the phone. Debit cards are directly linked to an account and credit cards are not, making credit cards less vulnerable to instances of fraud and cyber crimes online. Many credit card companies also offer more security features compared to debit cards.

Other ways to stay safe from fraud, identity theft and scams while shopping online this season include only purchasing from reputable brands and companies, frequently checking bank statements and being extra cautious with what information is shared online. For example, no company needs a social security number to process a purchase.

Retailers are also taking precautions when it comes to cybercrime. In the wake of major hacks at companies like Target and Home Depot in recent years, large companies are doing more to protect customers and themselves.

Thanks to new chip-technology credit and debit cards that offer a higher level of security for shoppers, many large companies are incorporating devices that work with these new cards to make stealing credit card information more difficult for hackers.

Merchants that don’t accommodate for chip technology at the register will be liable for any fraudulent activity.

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