Year-End Fraud Prevention Checklist for Businesses

As the year comes to a close, most businesses are focused on budgets, taxes, and planning for the year ahead. It’s also a good time to review your fraud prevention and security practices. A few simple updates can help protect your business from scams, cyber threats, and unauthorized access while helping you start the new year with confidence. 

Review User Access

Remove access for former employees.
Update permissions for employees with new roles
Review access to online banking, payroll, accounting software, email, and cloud storage.

Secure Business Bank Accounts

Update passwords for important business accounts.
Enable multi-factor authentication.
Verify recovery email addresses and phone numbers are current.

Review Financial Accounts

Review recent business account transactions.
Confirm recurring payments and subscriptions are legitimate.
Verify authorized users on business accounts.
Report any suspicious activity

Update Technology

Install software and operating system updates.
Update security software.
Remove outdated or unused software.
Confirm automatic updates are enabled.

Back Up Important Data

Back up financial records and business files.
Test backups to ensure they can be restored.
Store backups securely

Review Physical Security

Test security cameras and alarm systems.
Update keys, keycards, or door access if needed.
Shred confidential documents you no longer need.
Secure important records and devices.

Prepare Employees

Remind employees how to spot phishing emails and scams.
Review company security policies.
Update emergency contacts and procedures.
Encourage employees to report suspicious activity.

Remember, security is an ongoing process, not a once-a-year task. Regularly reviewing your controls, educating employees, and staying alert to new threats can help reduce fraud risks and better protect your business, employees, and finances throughout the year