How can you spot and stop business fraud in your law firm?

HM Revenue & Customs (HMRC) is constantly warning of scammers who are targeting unsuspecting firms.

However, the threat goes much wider than opportunistic scammers so it is important to protect your firm from the growing danger presented from hi-tech fraudsters as criminals use an ever-increasing variety of tools and techniques to defraud even the most fraud-savvy enterprises.

It can be difficult to protect against every type of attack as cybercriminals adapt their methods almost as quickly as security firms create new products and services. But there are several weapons to take on the cyber crooks including:

Protecting your finances

Separate your law firm’s accounts from your private accounts, this will minimise the risk if hackers manage to access one of them.

In addition, understand how money leaves your firm, including payment methods and who makes and checks them.

Beefing up your digital protection

Antivirus technology and a good firewall are a good start. Create and protect strong passwords that are difficult to decipher and have them changed regularly. It is important to ensure a good level of cyber security within your law firm to protect client information.

It is good practice to back up your files via a secure cloud storage system, but this is most important when protecting against potential fraud attacks as it allows you to retrieve and restore files that may have been lost or corrupted.

Knowing your employees

It is vital to know who is working at your firm, so don’t rely entirely on references and work history. Instead, conduct a thorough background check, particularly on those dealing with your finances. This could include checking on anti-money laundering or previous adverse credit checks. You could also request a Disclosure and Barring Service (DBS) check for someone applying for a financially sensitive role.

Some companies can provide this service for you, but make sure you obtain proper permission to run the check.

Need help and advice with financial protection advice for your law firm – get in touch with our expert team today.