Fraud prevention has become a top priority for any business organization, maybe a start-up or an established organization. Each year, U.S. companies lose more than $600 billion to fraud, with "counterfeiting and document fraud" making up more than two-thirds of that.
In today's internet age, most organizations are connected to customers through some of the other online mediums to offer products and services. This has given rise to a number of other online frauds such as stolen credit cards, e-mails, lotteries, fake auctions, and untrustworthy websites.
Counterfeiting, document, and another information leakage can cost big bucks to business organizations. Gathering information and maintaining a database of information is a very time-consuming and expensive task.
Competitors with little effort can grab all the necessary information which can be used again in the business organization. It not only results in loss of business but may also attract legal action from customers, which can have a very bad effect on the brand image of the company. Hence, fraud prevention has to be at the top of any business agenda.
Establishing a secure document management system has always been a challenging task for any business organization. Fraud prevention as regards business documents can be achieved by implementing a number of steps such as: storing the documents securely, regular audit of the documents, separating financial responsibilities, using a secure output management system, using authentication devices, and choosing professional organizations to control fraudulent activities at workplace.
There is no doubt that business fraud is posing a great threat to organizations and there cannot be any compromise as regards its fraud prevention.