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Navigating Employee Retention Credit Scams: Prevention Tips

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It’s like they say: the blow is there… who wants to fall. But what about when this coup happens within the company? How to identify that someone is passing you backward, learn from S Lewis CPA.

Understand what business fraud is:

First, you need to understand business fraud, employee retention credit scam and how it works. Widely used among legal terms to refer to scams in a company, fraud can arise through employees, outsourced workers, former employees, other people connected to the business, and criminal experts on the subject.

It can affect not only financially but also cause mistrust among the staff, partners, and customers, generating a bad reputation for the company in general.

Types of scams that can affect your business:

The types of fraud that can happen are the most diverse, from small theft of goods to the leak of confidential information. Among the most common are:

Boletos, notes, and fake checks – yes, those dealing with customers should be aware of accepted means of payment, whether boletos, credit or debit cards, Pix, and checks. Even counterfeit banknotes should not go unnoticed.

Care: be strict and define how you want to receive payments. For every medium, there is a way to avoid financial scams. Learn more about each of them below:

Theft and embezzlement — whether by people who have access to the company’s cash flow, bank accounts, or card passwords, the theft of money can be done gradually, which takes time to be noticed, or all at once, but not always easy to track.

Care: only leave someone you trust with access to money. Be rigorous when assembling your team to deal with this topic directly—especially finance and security professionals. Avoid friends or relatives involved if it is an independent, family, or small business.

Theft or data leakage — who remembers the mega data leak this year that caused concern among entrepreneurs and customers? Yeah, more common than it looks; it has caused concern in many companies due to the LGPD (General Personal Data Protection Act).

Care: when it comes to private data, the recommendation is to strengthen the security of this information. Invest in secure tools to prevent hacker or criminal attacks, and reconsider which data may go unnoticed by the company (RG, CPF, address, gender, etc.).

Theft and theft of goods — this type of scam happens especially with stores or companies with a stock or a wide variety of products — making it difficult to control what goes in and out.

Care: create access control to goods, consider security cameras, and only authorized people. That way, it will be possible to understand what was embezzled and by whom.

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