November 29, 2022

Have you come to think of how to identify a real fraudster? Managing or owning a business with customers comes with a whole lot of stress. And Customers are the main reason for the establishment of businesses. No matter what type of business you are operating, you need to have customers to make sales. You need to note as a business owner what kind of services your customers want and how best you can suit their taste. There are many similar businesses who are competing with you and so what are some of the unique advantages your business provides in order to draw customers and retain them as well.

Knowing your customers is the ingredient you need to take to stay successful. It can also help you to be on a safer side. Implementing good surveys on your customers can protect your business from fraudsters who will want to use their brains to scam you. Fraudsters feed on the ignorance and naivety of people to scam them and they will not shy away from any opportunity to meet their financial scam. 

With fraudsters they always want to learn new trends and be on top of their game and it is prudent for you to do the same and know new trends in the system or else, they will outsmart you. The best way to beat fraudsters is by being a step ahead of them and in that way you are not only responding to them, but you are preventing them from ever pulling a trick on you that can collapse your business.

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Simple method to identify fraudsters and their actions

There are several types of fraud activities which have a great potential to harm your business and it is not only important to stay a step ahead of such fraudsters and be aware of the dangers you are facing, but what you can also do to protect yourself and your business from a disastrous financial impact. The key important thing you need to note dealing with customers as stated earlier is to know your customers. And not just knowing them just when they want to purchase a product or have a business idea to share with you, but get every piece of detail about your customers. There is no better time of getting to know your customers than getting in touch with them through mail services, via phone contacts, through text messages, by interacting with them on social media. 

Knowing your customers will help you strategize your business plan to appeal to your customers’ needs and help you grow it and make it successful. The knowledge you will get in knowing your customers will give you a fair idea about your real customers and fraudsters thus it will differentiate between those who are in dire need of your products and services and those who want to financially collapse your business.  By developing a strategy which best suits your business in the KYC tools which simply means knowing your customer tools will aid you to be able to identify the behavior patterns of your customers’ legitimate behavior and identify any red flags that might show up during your engagement with them. 

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For instance, almost all of your customers when they want to purchase your products ask for the price before any further communication goes on. But for some time, you realize new customers you have gained want products delivered to them before payment which does not sound well to you. Since you know your customers and you know how they behave, you will easily recognize the crooked ones who want to ruin your business. Another scenario is when you discover that all of a sudden a few of your customers change their home address or the address they provided is wrong or even their email addresses are not valid.

This can help you to detect fake customers and weed them out by confirming the real owners behind the email account. By taking such activities and noticing these red flags, you can choose a more comprehensive way of making sure you have the right information of your customers to reduce the risk of fraudsters draining the finances of your company in such a bad manner. Such comprehensive methods can be multi-level verification and additionally verify the identity of your customers to confirm if they are really what they say they are or they are fraudsters.

In conclusion, it is more essential and prudent to have more information those you engage with in terms of business wise. Knowledge is power and as a business owner or entity, you need to be a level headed person on all critical matters that have the possibility of draining your finances and collapsing your business.