ShredQuick Blog

Shred important documents to protect your Ft. Myers business from fraud

Business fraud is more prevalent than ever before. No business in Ft. Myers is insulated from the potential damage of fraud in its many forms.

It’s a mistake to believe that the most common kinds of fraudulent acts come from inside the business by disgruntled or ill-intentioned employees exploiting their special access to private information. Increasingly, it’s entities outside the company that are gaining access to confidential data—and they’re doing so by getting their hands on documents that have been improperly or incompletely disposed of.

Fraud can be a complex matter, and Ft. Myers companies may not be fully aware of how they unknowingly contribute to those criminal efforts. Obtaining sensitive data often doesn’t require too much in the way of planning or conspiring—it can come about simply by careless handling or disposing of sensitive data that needs to be better protected.

 

Identifying fraud risks

Simply put, fraud is the deceptive use of information or assets for an entity’s personal or financial benefit. Criminals often use sensitive, proprietary, or confidential data to execute fraud, and they obtain that information through several different means, including but not limited to:

  • Financial reports and bank statements
  • Medical documentation and patient records
  • Business strategies, blueprints or plans
  • Confidential client or customer information, including contact info, personal accounts and more
  • Contracts, loan or credit applications
  • Meeting notes

Bottom line: If a document contains any information that helps your Ft. Myers company conduct business and maintain intelligence, it has the potential to be used fraudulently. This isn’t limited to hard paper copies, either: digital data, even if it’s left on outdated technology that’s no longer in use, poses the same threat.

 

Understanding fraud consequences

Money stolen through fraud, obviously, directly impacts the financial health of your Ft. Myers business. But the complications that arise don’t just affect your current cash situation.

Proving the criminal act of fraud is never easy in court. Litigation can take an extraordinarily long time, as prosecutors need to build airtight cases and defense attorneys search for legal loopholes or dismissals on technicalities.

Even when a company prevails, the compensation they receive may not cover all the damages they’ve encountered. And even if a criminal is convicted of fraud, they may still wind up in a more profitable position in the long run.

With so much riding on the preservation and protection of data used for fraud, Ft. Myers businesses need to be proactive and preemptive about limiting access to their confidential information.

 

Shredding and data destruction as a solution for fraud

A strong, consistent shredding and destruction policy works alongside comprehensive security strategies to help companies control access to data, both inside and outside company premises. And it’s not always possible for a company to execute such a policy all by themselves.

Disposing of data in garbage cans, dumpsters or public recycling bins is never enough of a solution. It doesn’t take much for an internal employee or an outside party to extract valuable data from documents in any of those containers. Even documents that have been shredded in-house with consumer-grade office equipment can be reconstructed with little effort.

Paper isn’t the only medium fraudsters take advantage of, either. Discarded hard drives smartphones, digital cameras, flash drives, or servers often contain enough data for criminals to exploit for their activities. These items also must be covered by a comprehensive data destruction policy to reduce your company’s exposure to liability.

The surest way to control the flow of vital data in your Ft. Myers company is to employ a professionally certified shredder and destruction service like ShredQuick. We have the experience and knowledge you require to make sure your most sensitive data remains out of the hands of criminals, whether it’s on paper or digital media. Contact us to find out more about how we can protect your business.

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