Canadian Retailer - Fall 2014 - 23

pARtNER mESSAgE data protection

pRotEct youR REtAIL
BuSINESS AgAINSt FRAuD

understand the risks and take steps to control fraud-before it happens
BROUGHT TO YOU BY RBC ROYAL BANK

FRAuD is a serious threat that affects businesses large
and small. In addition to financial losses, there are associated implications business owners need to think about, including the cost and time to find the fraud and the cost of
external professionals to deal with it. And in some cases,

fraud can negatively impact a business's reputation.
Because it can be so difficult to detect, it's essential that
business owners know the warning signs and establish
clearly defined fraud prevention procedures-particularly
for anyone who handles cash.

Here are a few quick reminders to help you protect your retail business against fraud and its consequences.
prevent financial fraud

* Evaluate your cheque-writing and
clearing processes, and reduce the
number of cheques you and your
employees write by using secure
electronic payment methods;
* Issue individual payments for all
expenses so they can be matched to
a specific invoice;
* Ensure that you pay your employees and suppliers electronically to
create a trail that helps you detect
fraudulent activity quickly;
* Streamline your account reconciliation process.

prevent credit card fraud

* Watch for suspicious customer
behavior in the store;
* always check credit cards for valid
information;
* Be vigilant with orders placed over
the phone or internet;
* Ensure that all of your PIn pad
terminals are secure;
* Store customer credit card information securely.
protect customer data

* Collect only required information;
* Truncate all of your credit card
numbers on receipts;

* Secure all sensitive data (personal
identifiers, account numbers);
* Secure your computer hardware to
prevent physical theft of data;
* Shred paperwork containing sensitive data.
To help fraud-proof your retail business and protect your employee and
customer information, engage the cash
management experts at your financial
institution, who will be able to review
all the collection and disbursement processes carried out within the company
and determine the best options to help
you protect your retail business.

make your store unfriendly to
shoplifters

* Train your employees to greet all
customers promptly;
* Pay attention to the store's layout
and appearance;
* Consider installing security systems in your store;
* Familiarize your staff with theftprevention policies and inform
them about operational procedures.

RBC Royal Bank

What's the BIG deal?

Reduce employee theft

* Separate cash-handling duties
among employees to ensure no
single person is responsible for
handling cash, issuing cheques or
reconciling bank statements;
* Track inventory;
* Implement employee loyalty and
incentive programs.

www.retailcouncil.org/cdnretailer

Switch to RBC Royal Bank and save
on your business banking.
Visit www.rbc.com/switchtorbc for full offer details,
or call 1-855-873-7234 to switch and save.

*Savings based on the ﬁrst 12 months if all products and services in the offer are selected.
® / ™ Trademark(s) of Royal Bank of Canada. RBC and Royal Bank are registered trademarks of Royal Bank of Canada.

fall 2014 | cANADIAN REtAILER

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Canadian Retailer - Fall 2014

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