Businesses of all sizes can be targets for fraud, misleading documentation and financial hacking.

Here are some tips from RealRenta to protect your business and mitigate risk:

• Be skeptical if a supplier you regularly pay asks you to change/update their payment details. Contact the business directly by phone/email using the contact details on their website
• Always check email addresses, as scammers always try to use similar email addresses with added or missing characters etc
• Ensure that your accounts payable department have a very robust procedure around changing bank details
• If you get an email from someone in another business, informing you of a change of bank account details, check that this is legitimate by contacting the company directly by phone, using the number you have always used to contact them. Don’t use the number on the email-established businesses don’t tend to change their bank accounts.
• Don’t pay bills for domain names registered in your business name without verifying the legitimacy and have processes in place to avoid paying incoming bills more than once.
• If your business deals with a lot of online transactions, use a separate account to your everyday business transactions, in case you get compromised, scammed or shut down.
• If you do get scammed, notify the police and your financial institution immediately

Use the RealRenta Platform to communicate with your residential tenants and take advantage of having each interaction, date and time stamped, providing you with a complete history of your investment property and the tenancy.