Skip to main content

How to prevent fraud in business: Part 2


Image courtesy of Stuart Miles at FreeDigitalPhotos.net


Previously on this blog, I wrote an article " How to prevent fraud in business: Part 1" , so today I decided to write part 2. The risk of fraudulent activities exist in all companies. The use of CCTV camera works very well, use sophisticated cameras that can still reveal the identity of an individual in the dark. Yes, the CCTV camera is quite effective at preventing fraud. This will be applicable to companies that can afford such facilities

 If you receive a lot of money in cash on a regular basis, your staff must be instructed to take some amount to the bank (halal account) once it reaches a particular threshold. Only authorised personnels can take the money to the bank. When purchases need to be made by the company, it should be approved by 2 to 3 persons depending on the amount that needs to be spent.

 A sophisticated information system must be used once they can be afforded, they must be re-evaluated frequently for loop holes so they can then be adjusted to prevent fraudsters from taking advantage of it. Every staff that deals with financial transactions must have a personal account that requires a password to post transactions. Staff must be made to change their passwords every three months and the system should not allow them to use old passwords. All of these will help prevent fraud within your businesses. That is all I have for you today, check out for part 3.

 Make sure your business is halal. Everything happens according to the will of Allah. Everything should be done deliberately for the sake of Allah. Part of doing something deliberately for the sake of Allah means hoping for a reward from Him (in this life and life after death).

 Halal means anything lawful Islamically.

 Keep checking my blog regularly, Cheers!

Comments

Post a Comment

Popular posts from this blog

Eid Mubarak

Hope you have a good one
15 comments
Read more

How can your strategy be successful

Hello readers, today I will be telling you about ways to make your strategy a successful one. The scope is your strategy must be fit, in other words your strategy must be consistent with the environment your business operates in. When I say environment, I am talking about both external and internal environments. Thus, you must understand the political, economic, socio-cultural, technological and legal environments your business operates in. The environmental protection that affects your organisation must also influence you when formulating your strategy. Therefore, PESTEL analysis can be used to understand the external environment of your business. The internal environment also needs to be understood, as your strategy must also be in alignment with the internal environment. Understanding your internal environment will help you know the resources your business has, the capabilities of your business as well as the structure and system. The SWOT analysis can be used to help y...
Post a Comment
Read more

The Istikharah Prayer

Hello readers , today I will be telling you about the Istikharah prayer. It is a prayer of guidance. When you want to make a major decision in your life, it is best you seek Allah's guidance. You should always pray to Allah to guide you through the right path in your daily activities. Istikharah prayer is recommended for a major decision such as getting married, starting a business and others. How do you perform the Istikhara prayer? Make two rakats (Nafila). During your first rakat, after reciting Surat Fatiha recite Surat Ikhlas, during your second rakat  after reciting Surat Fatiha recite Surat Kaafirun. After saying Asalam Alaykum Waramatullahi to the right and then the left recite this: "Allahumma inni astakhiruka bi-ilmika wa astaqdiruka biqudra-tika, wa as'aluka min fadlikal Azeemi fainnaka taqdiru wa la aqdiru, wa ta'lamu wa la a'alamu, wa Anta Allamul-Ghuyubi, Allahum-ma in kunta ta'lamu anna  [then mention the thing to be decided] khairun ...
Post a Comment
Read more