Identity theft and fraud can cause an enormity of problems for companies. Unfortunately, companies that experience these problems are on the rise. As a business owner, you may search for the tips and tricks necessary to prevent identity theft and fraud. While some preventative tips might seem obvious, it is always best to be ready.
Know Your Partners
Do you currently do business with other organizations that you don’t know well? Perhaps you were drawn in by the low price or the fantastic sales pitch. No matter how you got in with your broker, shipper, etc., it is a good idea to know everything possible there is to know. Take every avenue you can to verify the legitimacy of the business and then ensure the company is licensed.
Before working with others, research their company. A simple online search can often determine if the business is trustworthy or not. Reviews from customers are very telling. The Better Business Bureau is another fantastic resource that can give you a good idea about organizations. Always verify that the contact information aligns with official documentation.
Credit Checks are Crucial
Don’t think you should skip the credit check because someone looks clean online. Preventing identity theft and fraud starts with taking every precaution. Fortunately, credit checks are often free!
You can verify broker’s bonds through the Federal Motor Carrier Safety Administration. They will be able to tell you if the bond is in good standing. If you cannot verify the bond, find someone who has an active bond to do business with.
Bill of Lading
The Bill of Lading is a crucial component of transportation. Always be sure the BOL is signed by the driver and has relevant information regarding the company and the motor carrier number. A thoroughly filled out BOL can help you get what clients owe your company if you do not get paid.
Be Smart About Sharing
Sharing details about your insurance, authority, and other business info can be devastating to an organization if fallen into the wrong hands. Instead of sharing too much information right off the bat, verify who you are giving the info to beforehand. Consider business information to be like a key to the company’s assets. Do not hand over the key to just anyone. Being smart about who you provide information to is crucial to preventing identity theft and fraud.
If you suffer from an incident of identity theft or fraud, your company may never entirely recover. Fraud is a dangerous game for all, but especially businesses. Thieves and frauds can destroy professional images quickly if your information falls into the wrong hands. Think before you share too much and protect yourself and your business.
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