5 Ways Entrepreneurs Can Protect Themselves from Fraud

Fraud! The one thing that people take for granted until it happens to them.

By then it's too late.

You can be a victim of many kinds of fraudulent activities. But they all stem from two things... there's one after your money and another after your identity.

I'm going to show you 5 quick and easy ways to make you less susceptible to fraud.

Use Secure Online Payment Methods


As an entrepreneur you'll most likely pay suppliers, freelancers and a ton of other people. The problem usually comes from people who ask you to pay before they do the work. You never know if they'll deliver or not.

But one way to protect yourself is by paying through a trusted platform and avoid paying through unsecure platforms.

Trusted platforms include PayPal, AliPay, Payoneer and Amazon Payments.

Unsecure platforms include direct bank transfer, Western Union and any other payment method that doesn't have a group of people monitoring payments. What makes these unsecure isn't because of any technical faults... but it's the fact that these methods of payments should be used for family and friends only.

So make sure you use the right platforms for business. Don't pay a business partner like you'd pay a friend.

Shred or Wash All Documents You Don't Need


Bills, invoices, bank statements and anything with your personal or business details shouldn't be thrown in the trash. They must be destroyed first.

Two ways to destroy documents is by shredding them with a shredder or mixing them in a chlorine and water solution until all the ink is washed off. The second method being the most secure.

Don't let any piece of personal or business data lying in your trash. Fraudsters will happily go through your trashcan just to steal your data. Make them regret it.

Invest in an Antivirus Software


Keyloggers can read every keystroke you make on your keyboard. The way to make sure they don't come in the first place is to have a powerful antivirus software such as McAfees, Norton and Kaspersky etc.

An antivirus will also protect you from untrustworthy websites, download and fake login pages. That's why there's no such thing as an expensive antivirus software. There's only safe or sorry. Here are some great tools.

Track Your Smartphone


Your phone isn't a phone anymore. It's your email, your gallery, your recordings, documents and personal notes. It's got everything a fraudster needs to steal your identity and wealth.

Not only are you in danger when your smartphone is stolen but your contacts as well. The thief can call your contacts and get all their information.

Whether you've got an android phone or an iPhone you need to download a tracking app to find your phone as soon as it's lost or stolen. Here are more great ways to avoid identity fraud.

Don't Access Any Accounts on Public Wi-Fi


Public Wi-Fi is easy to hack. In fact, opening your email and bank accounts on public Wi-Fi is like standing in front of a crowd of people and showing everyone your username and password... well for hackers at least.

That's why you must limit your usage of public Wi-Fi and only use it for stuff like games, chatting and other things that don't require you to log into an account. If you really need to access your personal accounts on public Wi-Fi then make sure you set up a Virtual Private Network (VPN) which makes it harder for hackers to steal your information.

It's easy to set up a VPN. Here's a tutorial for Windows 10 users.