REPOR TER
MENTORING DAY NATIONAL
10 WAYS TO PROTECTYOUR COMPANY FROM FRAUD
Fraud is more common than ever, con- sumers and companies increasingly face potential attacks. The frequency of fraud incidents has increased both in terms of the number of events but also in the amount of money it costs the victims. Big and smaller companies are equally subject to attack, and the more we are aware of the common fraud tactics, the more effectively we can protect our business interests.
“Frequent news stories indicate that scam methods have become more sophisticated. From the investigation of 19 UK registered companies in October 2014, believed to be part of a 20 billion dollars dirty money network, to the latest example of 1 billion transfer from the three biggest banks in Moldova to 20,000 limited partnership enti- ties in UK, we can conclude that corporate scams are not only widespread but also just at our doorstep” said Alan Norton, head of Intelligence of Graydon UK.
What types of fraud are most common? The most common type of fraud is appli- cation fraud, where scammers file dubious documents at Companies House, aiming to improve their credit rating and extend their line of credit. Protection of of the companies against this type of scam comes down to how well they know their customer and the amount of due diligence performed before entering into a contract.
The second type to look out for is imperson- ation fraud, the use of the identity of another person, real or fictitious in order to obtain goods. And last but not least, long firm fraud. Scammers set up a business, and develop a good reputation and payment be- haviour, intending to commit fraud at a later stage. According to Alan Norton “the risk of being a fraud victim is more prominent with small and medium sized companies, as they are the ones usually not investing in risk monitoring tools. But where it all comes down is the false economy principle, where saving money in the beginning will cost you more down the road”.
How can companies protect themselves? Companies can choose between many solutions and decide whether in-house, out- sourced solutions or a combination of both will be pursued. On one hand employee training is very important for detecting early signs of fraud. Raising employee awareness of the risk being a fraud victim and training
on how to respond in the adverse case of being targeted can be face-saving and money-saving as well. Having clear internal processes and procedures will help toward that direction as well.
Furthermore a key tactic would be to share information about dishonest business partners with your network. This type of communication, as an integral component of your information flow within the supply chain, could save them from being in a dire position and also would work for you in a reciprocative manner.
On the other hand outsourced solutions can help companies capitalise on external data and analytics-based methods to detect and prevent risk. Automated processes can offer a consistent approach to risk management and help preventing fraud losses. As a result the generated intelligence can safe- guard from potential future attacks.
10 easy steps to make sure you are not the next corporate fraud victim:
1. Keep in mind that Companies House store public files, but does not have any investigatory authority.
2. Verify the information supplied in the credit application form, using the company trade references.
3. Be wary for Hotmail, Yahoo, Google email addresses and look out when non-geo- graphical telephone numbers are used.
4. Use Google Earth for addresses to make sure is not a virtual office.
5. Check the VAT number, VIES website is one click away
6. Use the WHO IS website and find out when the particular website was registered.
7. Beware of large orders being delivered to a residential addresses.
8. Look out when there is high level of turnover and profits, especially if it is a new company.
9. Take your time to be 100% sure that order is genuine.
10. Seek out a trusted business partner to help you manage credit risk and prevent fraud.
Alan Norton is the Head of Intelligence of Graydon UK. For more information visit:
www.graydon.co.uk
Award-winning business mentor launches a new national awareness day to draw attention to the benefits of mentoring for businesses, public services, schools, universities and colleges. Introducing National Mentoring Day – a brand new national awareness day aiming to help cel- ebrate and encourage mentoring in all its forms. Created by Chelsey Baker, an award- winning mentor in her own right, the day will help to raise awareness about the plethora of mentoring opportunities available, for businesses and other organisations to connect with much-needed mentors.
A study by the Department for Business Inno- vation and Skills found that a third of all SMEs reported there was a time when they could have benefitted from access to a mentor – but 39% had no idea how they would go about finding one.
More importantly, research has shown that 70% of small businesses which receive mentoring survive for five years of more; double the rate when compared with non- mentored start-ups. 67% of businesses have also reported an increase in productivity due to mentoring. The evidence is clear: mentoring can help business- es to succeed, but many organisations are still unaware of the many positive benefits of mentor- ing services.
The UK’s inaugural National Mentoring Day hopes to change all of that. Taking place on October 27th every year, the new national awareness day will pay tribute to mentoring or- ganisations and raise awareness for both men- tors and those being mentored. Across the UK mentors are being invited to join in and celebrate the awareness day and share tips, experiences and success stories with the aim of connecting mentors and mentees.
Chelsey Baker, Founder of National Mentoring Day, says, “As an experienced business mentor myself, I have seen first-hand how the right guid- ance can turn things around for individuals and businesses. But statistics show that many organ- isations have no idea how much mentors can help them, let alone how to go about procuring a mentor. National Mentoring Day will draw much more attention to the topic of mentoring; commu- nicating the significant benefits with interactive discussions and social media activities.”
The theme for the first National Mentoring Day will be ‘Mentoring Rocks’. Both mentors and mentees will be invited to share their experienc- es of mentoring or pay tribute to the assistance they received, to recognise the significant impact that mentoring can have.
Ms Baker adds, “The aim of National Mentoring Day is to introduce more organisations to this shared vision. Mentoring should be accessi- ble and available to any business, individual or group that needs it, and this new national awareness day will help to draw crucial atten- tion to existing mentoring services, as well as encouraging bright business minds to consider becoming mentors themselves.”
For more information about National Mentoring Day, please visit:
nationalmentoringday.org.
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