Protecting your business from fraud
What business owners need to watch for!
As a Canadian mortgage broker, protecting your business from fraud is crucial. One of the most effective ways to prevent your business from becoming a victim of fraud is by staying informed and vigilant. Ensure you and your employees know the different types of scams and consistently report any fraud to the authorities.?
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Fraudsters are skilled at manipulating their victims. They understand how to trigger emotions and manipulate values. To counter their tactics, you and your employees must be skeptical of unsolicited calls, spam emails and texts, mailed letters, and faxes. Scammers can easily create emails, logos, and websites that appear to be from legitimate sources, a technique known as "spoofing." Therefore, it is essential to verify the authenticity of the communication and refuse to be victimized by threats to your bottom line, credit score, or brand and reputation. If you suspect fraud, end the contact immediately and report it to the police.?
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Learning about the different techniques scammers use to lure their targets into falling for their tricks is also essential. Some of the most common techniques include urgency, creative name use, authority, reciprocity, foot in the door, pitch a better deal, initial agreement pressure, alter-casting, professionalism, and untraceable payment methods. Familiarize yourself and your employees with these techniques to ask the right questions and avoid falling victim to scams.?
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Sharing information and experiences with other businesses and within your industry is crucial to the fight against fraud. Educating yourself and your employees and staying vigilant can protect your business and clients from fraud. Remember, if you suspect fraud, report it to the Canadian Anti-Fraud Centre, Competition Bureau, or the police immediately.?