Scammers rip off big companies all the time, but actually it's small businesses that suffer the most damage, according to American Express Open Forum.

Fortunately, BBB offers valuable tips for small businesses to help prevent fraud. 

Get Educated

Small businesses can prevent fraud easily if they get educated and share what they learn with their employees. Telephone relay, fake awards and snagging free things are some of the most common small business scams.    

Check tampering and fraudulent billing can be prevented by eliminating paper checks.  Also, using direct deposit can help too and if you must use paper checks, have a lockbox. 

Prepare

Businesses should have a plan in place to prevent and detect fraud, which includes securing data from hacking attempts. In the event your business is hit badly by a scam, you should have a plan for how the problem will be resolved. BBB offers a step-by-step guide here to help small businesses get started.

Monitor

Keep an eye on areas that are most vulnerable to fraud and routinely check up on them. It's also not a bad idea to invest in a fraud hotline. Customers can call in if they suspect fraud and the company can investigate and prevent further damage.

Read the full article at American Express Open Forum by clicking here.