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This is the stuff you millionaires in the making need to know to kick start or propel you on your financial fitness journey. Tracey Bissett, Founder of Bissett Financial Fitness and award winning Financial Literacy Champion, gives you the straight goods each week to set yourself up for financial success. As a former executive at TD Bank, one of Canada's Big 5 Banks, Tracey has worked with and in support of thousands of individuals and entrepreneurs to secure the financing they needed.  This hands on experience combined with her formal financial education, Masters of Business Administration and Chartered Financial Analyst designation, position Tracey uniquely to coach all things money. Tracey goes behind-the-scenes of all the money matters with need-to-know tips, money-making demystified, and special power-player interviews. Join us weekly for Financial Fitness Training that will turn even a Cash Couch Potato into a Marathon Money Maker.

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  2. EP074 How to Protect Your Business from Fraud

EP074 How to Protect Your Business from Fraud

Mar 19, 2019

Canadian business owners and entrepreneurs shouldn’t lose sight of the risk of internal and external fraud. The dangers of fraud are real, and it is a misconception to think that fraud only happens to big firms. A business and its employees can be at risk of many kinds of fraudulent crimes. Companies are at even higher risk now that many parts of business operations take place online, so it is vital to protect against cybercrime.

 

Today, I share 6 tips on how to protect your business from fraud. I reveal the different types of internal and external fraud that entrepreneurs and small to medium-sized business owners should be aware of and stress the importance of keeping your business vigilant against risks. I also share practical tips that any business can implement to protect themselves against fraud.


“As business owners, we owe it to our customers, employees, and to our industry as a whole, to make sure that we are protecting everything related to our business.” - Tracey Bissett



This Week on Young Money:

 

  • The two common sources of fraud.
  • Examples of internal fraud and external fraud that business owners should be aware of.
  • How entrepreneurs and small to medium-sized businesses can protect themselves against fraud.
  • The importance of not losing sight of protecting your businesses.



6 tips on how to protect yourself from internal and external fraud:

 

  1. Educate yourself and your employees.
  2. Implement clear policies.
  3. Keep detailed, accurate records.
  4. Hire well.
  5. Enable whistleblowing.
  6. Make sure you are covered.



Resources Mentioned:

 





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