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How to Protect Yourself and Your Business From Fraud

3 70 0
25.06.2019

From Fyre Festival to Theranos to Anna Delvey, the so-called SoHo Grifter, fraud is having a moment these days. It seems lots of people are happy to rid themselves of those pesky ethics in exchange for money or some other badge of success.

How can entrepreneurs protect themselves and their companies from such nefarious people and schemes? Follow these five tips to keep yourself and your business shielded from fraud, no matter what the source.

We all want to be able to trust the people and companies with whom we do business. However, as the above examples clearly demonstrate, some people aren’t trustworthy. And sometimes, the facts are far from what they’ve been represented to be. That’s why it’s so important to learn the art of fact-checking. You must know how to do this whether it’s a new business partner or a new hire in the mail room.

First, identify what’s material to you. If you’re contemplating a new business deal where the other company’s revenue is part of the equation, then the amount of that revenue is material for you. Make a note of any fact that might change your decision if it’s being misrepresented in any way.

For each material fact, think of sources and methods you can use to verify that information. Who would know the truth about your potential........

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