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4 Tips to Protect your Company from Fraud

In business, it always pays to be cautious, there can be threats from any angle. So how can you protect your company from fraud and unscrupulous people?

1. Join PROOF

When you join Companies House PROOF (Protected Online Filing) scheme, you tell the registrar of companies that you don't want paper forms to be accepted for your company. This means that changes to your company, such as change of address, can only be made online. This makes it harder for fraudsters to make unauthorised changes.

Check out this link for signing up to PROOF.

2. Don't use your private address as the Registered Office or Service Address

The Registered Office and the Service Address are both on the Companies House public register. This means that anyone can find it, for free. If you use your home address as either of these, you could be opening yourself up to unwanted visitors or junk mail, which may be fraudulent.

Here at Company Wizard we allow you to use our address as your Registered Office and Service Address. This prevents your address from being on the public register, but also acts as a junk mail filter. For more information about how to use this service check out our handy guide.

For more information about the different types of addresses companies house uses, check out our previous blog post Service and Registered Address: The Differences.

3. Take care of your company's WebFiling Authentication Code

A WebFiling Authentication Code is a six digit alphanumeric code that acts as your company's online password. When you make any changes on Companies House, you will need to enter this code. This should be treated the same as you would any other password and should only be given to someone that you have the utmost trust in. If you believe that your code has been compromised, you need to contact Companies House.

4. Track your company

Through the company house website you're able to follow companies and receive an email whenever a change is made with their filing. For example, you will receive an email if a new director has been added, if accounts have been filed or if a director has resigned, to name a few. If any changes have been made which you didn't authorise, you should contact Companies House immediately.

Summing Up

Fraudulent activity can take place anywhere, not just on a personal level. You need to make sure that your company doesn't fall victim to any fraudsters. Hopefully some of the tips contained within this post can help prevent you becoming their next victim.

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