Budgeting

Finding A Career That Gives You Financial Stability And Happines

Financial Stability

The trickiest part of career-hunting is finding a job that gives you the perfect balance between financial stability and happiness. Of course, many people think that you have to settle for one or the other, but there are often more options out there for you than you might realize. You might just need to widen your job search a little further. You need to consider your personality, interests, academic abilities, and general skillset. Once you’ve done that, you’ll have an idea of the perfect career for you. If you need some assistance then here are some ideas for careers that will give you both financial stability and happiness (depending on your preferences in terms of industries and types of jobs).

Careers for organized and analytical people.

If you find joy in a structured and organized life then you should search for a job that lets you channel this mindset. After all, you won’t be able to function in a job if you feel like it’s a messy and unstructured role. Luckily, there are plenty of careers out there for organized people that come with a decent salary. If you’re technologically-minded then you might want to look at job opportunities in web development. They’re well-paid careers that offer you the opportunity to analyze information and work in a structured environment. Coding is very analytical, structured, and straightforward (of course, it can be a bit of a headache to learn).

You could also look into career paths as an assistant or a secretary for companies. They often come with fair salaries and decent company perks. You’d have the chance to schedule appointments, make travel arrangements for your employer or their clients, and deal with all manner of people on the phone. It’s the perfect type of job for somebody who thrives on organizing things. You might even want to consider a career as a virtual assistant if you’d want to do the same kind of work from home. Whether you’re an introverted or extroverted individual, there are plenty of job opportunities out there for people with an organized mindset. In all industries, there are businesses that need professional help to keep their information and appointments well-organized and structured.

Careers for sociable and outgoing people.

If you’re an outgoing person then you probably want a career that lets you get out there, meet people, and do things in the real world. You probably don’t want to be cooped up in an office cubicle with very little human interaction. Fortunately, there are many sociable career opportunities out there that come with a stable income. You might want to consider a job as a recruiter for a company. That heavily involves socializing with candidates who might be able to potentially fill a role for a business. It also comes with a very nice wage.

Perhaps you’re an avid traveler, so you might have found yourself looking for jobs that offer a lot of paid leave (that gives you time to travel). But you could simply look for a job that involves traveling. There are plenty of well-paid careers that fit this description. You could work on a cruise ship and have fun sailing around the world and stopping at different destinations. It might not be the biggest salary in the world, but it pays in the fact that you’re visiting different destinations as part of the job (it’s technically “free travel”). Of course, there are other career options in the travel industry. You could work for an airline, as an example. You might even want to look into different aviation colleges if you’d consider working as a pilot. It requires real studying, but it’s worth the hard work. It’s a career that pays very well, and it’ll perfectly suit somebody who wants to see the world.

Careers for ambitious people.

If you’re a business-driven individual then you should be searching for a career that allows you to progress through the ranks of a company, depending on the type of industry that interests you. Of course, there are many career paths for ambitious individuals that apply to all industries. If you like charming clients then you might want to consider pursuing a career as a client success director. Again, you might have to climb the ranks to reach that point, but it’s a job role that provides a decent salary. A career in sales is another option that suits ambitious people. Career progression all depends on your ability to live up to expectations to sell goods and services. If you’re ambitious then you’ll quickly progress, and it can be a very well-paid career when you account for bonuses such as commission.

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5 Simple Actions that Can Raise Your Credit Rating Much Faster

Credit rating

Are you wondering how to improve your credit rating? Are you thinking of improving it for obtaining a higher loan, reducing your present interest rate, or to apply for a fresh credit-line? Your accounts ought to be paid on time for a considerable period of time if you really wish to maintain a good credit score. By doing this, you’ll certainly be able to make various financial institutions understand that you’re actually looking forward to repaying the borrowed amount. However, you may resort to a few quicker means of improving your credit rating.

Check out a few key steps to raise your rating without any hiccups:

1. Pay all past dues and keep your accounts updated

If you’re defaulting on your loan repayment for a period of about 60 to 90 days, then your credit score might take a serious hit. You might even have to witness a fall in score worth hundred points even after maintaining a good financial history. Not being able to pay off your dues can have a critical effect especially when you’re going to apply for a new credit card. Clearing off past dues may require you to pay off debt on time and adjust all accounts. If you’re late on your payments, then it will be hard for the banks to issue a loan for you.

2. Resolve issues pertaining to collection accounts

Credit Bureaus keep a record of your collection account for a long period of time. You’ll hardly be able to identify the source of their information. You must get rid of your collection accounts as they often leave a negative impact on your credit score. You must get in touch with a credit bureau and the parties with whom you have an issue. Your credit score is bound to be improved once you resolve your collection issues.

3. Bring down your credit line and balance to under 30% of the overall limit

Your credit score faces a negative impact once you max out on your credit limit. There’s no point in requesting your bank to lower your credit limit. Instead, you must attempt in lowering the revolving credit balance and request your lender to raise your credit limit. This way, you can prove to them that you aren’t maxing out your overall balance. Your credit score gets increased when you succeed in lowering your credit balance by about 30%. However, in order to maintain a high credit score, you must keep a check on your purchases and maintain that extra room on your credit.

4. Make sure the old accounts aren’t closed

Your credit score is bound to achieve a positive impact if your account is much older. However, you’ll need to keep it active. The credit score algorithm may not consider it if you aren’t using it for long. It needs to be brought back on track if you really wish to increase your credit rating. You may consider using this old credit card for any of your forthcoming purchases and then pay off the balance immediately.



5. Don’t apply for a fresh credit-line

Your credit history keeps a track of all new credits that you apply for. Your score gets lowered as a result of this. You must steer clear of all fresh credit applications. Consider avoiding this for a certain period although you must increase your credit score. Keep an eye on the facts mentioned in the other four tips.
Banking and financial institutions can actually lend you money and help you create borrowing opportunities and maintain your credit score. You may even be considered for loans without actually running a check on your credit. You might even find a way to achieve lower rates with those lenders that maintain an automated credit response.

 


Five Personal Finance Habits That Everyone Should Follow

personal finance habits

 

To begin, let’s figure out what a financial habit really means. To put it simply, it’s your attitude towards your own money and how you spend it. Every day we decide whether to spend or save. Not everything we splurge our money on is really necessary. If after a purchase you ask yourself why you need this thing at all, it was probably a bad financial decision. With this being said, a good financial habit is a custom that helps add more money to your bank account every month.

It’s not that difficult to develop good financial habits. The very first thing you need to do is admit that you have bad spending tendencies that will hurt you financially in the long run. These include the inability to control your income and expenses, impulse buying, and delaying payments on bills and credit card until the last minute.

Want to get your finances in order? Here are five useful financial habits that will help save your budget.

1. Keep track of your finances

You need to have a clear idea of how much you earn, taking into account all sources: salary, bonuses, deposit interests, etc. and how much you spend: loans, utilities, food, entertainment, etc. You’re not required any expensive software or special skills to keep such account. All you need is an aspiration to take your life under financial control and a notebook with a pen.

2. Learn new things

As they say, you’re never too old to learn! And what’s really important to your daily life is that you learn about things that help you become financially independent. This can be getting a new profession or developing skills for your current job that will aid in boosting your salary. Be sure to allocate at least 5% of your income for this purpose. Perhaps you will need to take some courses or classes, but in the long run, it will be totally worth it.

3. Don’t make impulsive purchases

Under the influence of flashy advertisement on TV or on the internet, or if we see a sale in a store, sometimes we succumb to the temptation to buy things that we don’t really need. It’s best to wait a few days before parting with your hard-earned money. Sometimes even two days are enough to understand that you can easily do without such a purchase. However, if after a week or two you still crave for this thing, then you may actually need it.

4. Put some money in a saving bank account

It’s a very useful habit to deduct 10-15% from your salary and put it in an interest-bearing deposit. It’s better to do this on a day when you receive your salary, so it’s easier to part with the money. You can also set up an auto transfer from your regular to saving account. If you’re looking for a bank to accommodate your money but don’t have time to visit financial institutions in person, you can easily open bank account online.



5. Pay utility and credit card bills on time.

When you don’t put your financial obligations on the shelf, you will be able to avoid fines and interest. It’s better to pay bills on the payday or set up auto payments on your credit card. If you follow these simple rules, you will easier understand how much money you can spend for the next month.

Financial discipline is a pipe dream for many people. However, there are lots of easy-to-follow financial tips out that that can help you save the big bucks. Try out some of these tips and you’ll see how effortlessly you can boost your bank account.

 


The Investment Account You Might Be Missing: HSA

No matter your investment strategy, the opportunity to invest 100% tax-free and avoid taxes on any investment growth, is unique. Investors need to understand the HSA (health savings account).

While the HSA was designed for healthcare costs, their tax structure mimics a 401(k) or IRA. You can use this IRS structure to your advantage. Before we get started, you can check your HSA-eligibility and determine if your health insurance plan qualifies you to make HSA contributions.

Why HSAs Matter for Investing

HSA tax structure allows for tax-deductible contributions, tax-free growth, and tax-free distributions (if you use the funds for qualified out-of-pocket medical expenses). Let’s translate this to HSA investing. These triple-tax benefits enable individuals and families to leverage their HSA contributions for unencumbered tax-free growth.

2018 HSA contribution limits are $3,450 for individuals and $6,900 for families. Imagine if you had that money to invest? This is likely why some of the largest HSA investment accounts, now have over $200,000 in funds. That is not a typo.

At the age of 65, HSA funds can be used for anything (not just health expenses), just like 401(k). Just pay income taxes at that point. No penalty. They also don’t require mandatory distributions. You can let your HSA investments grow well into your 70s, 80s, and 90s, without interruption.

HSA Investing Details

Choice is fantastic. Flexibility allows us to choose a personalized path. HSA investing provides that option. HSA investments are not encumbered by overbearing IRS regulations. As long as your HSA provider enables these features, you can invest in individual stocks, bonds, CDs, ETFs, and mutual funds. Find the personal investment strategy that works for you, without limits.

These factors are one reason why HSA investments assets have eclipsed $10 billion and are growing 45% year over year.

Retirement Investing

Want to save more tax-free funds for retirement? Or add more flexibility so you don’t have to wait until 59 and 1/2 years of age to access your funds (or be forced to pay a tax penalty), like with a 401(k)? Use an HSA to complement, supplement, or replace your existing retirement investing strategy.

Combine the tax-power of an HSA and 401(k) to become an ‘ultra investor’. HSAs and 401(k)s create the most retirement tax-savings you can get, legally, from the IRS. The more you save, the more you can invest.



Opening an HSA creates more saving and investing opportunity. Coupling tax-free contributions and growth with the power of compound interest is going to leave you with a more robust investment strategy. And hopefully more money for retirement.


How to Brexit-proof your online investments?

online investments

 

Regardless if you are a traditional or online investor or if you are a novice or an expert, if you are living in the UK it is likely that two things are keeping you awake at night: Brexit and the bear.

We are getting close to nine years of bull market, and it is not unreasonable to think that we could be very close to the top. However, it is very difficult if not impossible to beat the bear that everyone is expecting to be around the corner. The difficulty is that you don’t want to be too late as the first downturn could be swift but in the same way you don’t want to get out too early as this hurts too. Let’s be honest nobody likes to leave too much on the table.

Yes, the bear but what about beating Brexit? We only suspect the bear to be around the corner while we know for sure that Brexit is coming. It is almost here, and it is happening the 29th March 2019.

So far it has been a prolonged and tortuous process, and the stalls in negotiations are casing a long shadow over the UK economy. ‘We don’t know yet how this is going to end up, but we are bracing for the worse’, said John Pentin financial analyst at a leading Top Trading Platforms UK comparison site.

‘A rise in the inflation is going to have a detrimental effect on consumer confidence, and this could get worse if companies are forced to start cutting jobs in the country. However, then again being too negative it is probably not the right thing to do as there is still some time to avoid the worse and ultimately there are possibilities also outside the EU even if maybe more in the long run’.

What Brexit has delivered so far is uncertainty, and surely this is not something that markets like particularly. It has pushed UK investors, however, both online and offline to be a lot smarter about how they invest. For example, you might be looking to invest in companies that do benefit from the uptick in inflation like discount retailer B&M. This company are offering groceries and non-food items on a seasonal basis at significantly better prices than the supermarkets. Investing in gambling companies is also an option as those tend to continue to do well even in difficult economic periods. Alternatively, you can also look at companies with domestic earnings in the non-discretionary spending space like for example Motor insurers.

Another area that is not going to slow down is Cybersecurity: following the growing number of attacks in the last months, this is an area that continues to attract capitals.

Another thing to notice is that even if the stock markets have suffered some steep falls in the past months, London-listed shares have underperformed most major world markets in the last 18 months: this is almost certainly caused by the anxiety about Brexit with international investors that have started to cut back their exposure to British firms.

As always tough with challenges there are also opportunities for investors. If you are prepared to spot undervalued companies and get them at low prices, you can make a considerable profit. The main issue though is that the majority of investors do lack in time and confidence of making such strategic investments.



What is suggested at this time is to analyse to see how ‘British’ are your current investments. Since London’s stock market is very international, you can find companies that are listed in Britain but have the majority of their earnings from elsewhere. So you would need to find out what is the exposure to the UK as opposed to other markets of all the companies you have shares. Once you have done this due diligence, you might want to reduce your UK exposure progressively to reduce your risk that a ‘bad Brexit’ is going to destroy your investments. Reduce doesn’t mean completely cut out so if things have a positive turn you are going to be able to benefit even if your UK exposure is significantly lower than it was let’s say a year ago.


How Investing in the Super Can Help in Managing Finances after Retirement

investing

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You’ll acquire one of the biggest assets of your life by the time you reach your golden years if you start investing in the super much earlier on in life. Enjoying a certain lifestyle during your retirement years may require you to contribute a certain amount to your super every year. But you must remember that the amount of money that you contribute in a super won’t be accessible to you till the time you retire. You must check out your options in order to pick the right contribution strategies over others.

1. Investing Pre-tax Salary

Seek information regarding your chances of putting a bigger portion of your pre-tax salary into the super beyond the SG amount worth 9.5%. The amount of tax that you’ll need to bear is worth 15% of this amount. But you must remember that in your attempt to put more in the super, you’ll be taking a lesser amount back home by salary sacrificing.

2. Tax contributions

After-tax contributions should be made to the super quite consistently. No extra taxes are applicable on these contributions and this income is already taxed at the usual rate. If your entire super balance is lower than $1.6 million, then you’ll be entitled to make after-tax contributions. If the income of your spouse is worth $37,000 or lower, then you’ll achieve a tax exemption worth up to $540 while contributing to her super. You may achieve a tax offset partially when your spouse earns any amount lower than $40,000.

3. Tax-deductible contributions

Employees are now allowed to contribute to the super on their own and show it as a tax deduction. Earlier only self-employed individuals were allowed to make such contributions. About 15% of the amount of your contribution will only be taxed in this case. A notice of intent needs to be filled out and submitted with the super fund prior to filing your tax return.

4. Availing fund loans and other options

It’s actually very important for you to review your investment options and the super fund for at least once every year. You must check out all options while reviewing all investment options. Your retirement nest-egg gets accelerated and expanded when you opt for the super-leveraged property investment. Your investment strategy gets a boost up when you get a loan for your super fund. You may even consider checking if you have adequate insurance protection. Your premiums and fees may accumulate and affect your balance over time.

5. Consolidating the super

During our working lives, it’s quite natural for us to switch between jobs. However, the outcome is often a missing or lost super. A missing or lost super is often the outcome of such job switches. Missing or lost super can be easily tracked down if you opt for a lost super search. Increasing the retirement nest-egg could be a possibility once you accumulate them into a single super fund. You must check out existing funds and all associated withdrawal or exit fees for the same. Prior to consolidating your super, you must ensure you have adequate insurance protection.



Know the Limitations

Super contributions may be associated with certain limitations. You’ll need to gather more information about these contribution limits and their impact on your possibility to make such contributions and the amount of tax to be charged for these contributions.


Investing in Commodities With a Profitable Resale Value

Nowadays, people tend to think that the only way to make significant money is to set up their own business. They think that they have to come up with an innovative product concept, design and develop it, manufacture it, and sell it to consumers around the world. Now, this, of course, is a brilliant plan. After all, small business based on unique consumer products is a brilliant way to make a stable income. But have you ever considered investing as another money making scheme to get involved in? Investing involves purchasing something at a low price with the intent of selling it on at a higher price. Sounds relatively simple right? The good news is that it can be. You just need an eye for detail and to know what items you can make a decent profit from. To succeed, you’re going to have to invest in commodities with a particularly high resale value. This gives you a better chance of avoiding loss and making profit. Here are a few different products that you should consider specialising in!

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Smartphones

Nowadays, the majority of people have smartphones. But the latest phones on the market do tend to have a particularly high price tag. It’s not all too surprising that the majority of us avoid upgrading our contracts and instead look online to buy second hand models. You can profit significantly through selling smartphones. Keep an eye out for individuals selling their old cells for a low price when they upgrade their own contracts. Then sell these on for a higher price on online auction sites. Keep a particular eye out for Apple smartphones. These tend to hold the best resale value, as Apple is a highly desirable brand.

Gold

Gold has always held value. When you actually think about it, this may seem a little odd. After all, besides being aesthetically attractive, you can’t do a whole lot with it. But societies around the world have long associated this substance with monetary value for years now, and this is something that it has managed to maintain until this very day. So, consider buying gold from Sprott Money. Unlike paper money, gold has retained significant value for a huge portion of human history. It provides an excellent hedge against inflation and can almost always be sold off for a good profit.

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Designer Clothing

There are certain objects that will always be desirable, as the majority don’t have access to them. Items of designer clothing are out of the majority of people’s budget, making people want them more. So, you can make a serious amount of money by keeping an eye out for designer items in charity stores or for sale second-hand from individuals who have enough money to keep up with the trends. List on online auction sites, as this is where the majority of people tend to look for cheaper second hand goods.



These are just a few different commodities that retain their value well, allowing you to sell them on for much more than you invested into them!


What to Do After Your Trust Deed Ends

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Once your trust deed has come to an end, you’ll receive a formal discharge letter from the trustee and your details will no longer be on the Register of Insolvencies.

Trust deeds usually last for three or four years and once the time period is up, any unsecured debt included in the agreement that remains is written off. Your creditors can’t chase you for these amounts – they also can’t pursue you during the term of the agreement either. There’s lots of information online if you want to find out more about trust deeds.

You’ll feel free, so keep up the good work

You’ll feel like you’ve really achieved something, and you really have. Being in debt is scary and many people despair of getting out of it, so you should be proud of yourself. It takes dedication to pay off large debts and now you’ve freed yourself, you need to look to the future.

You need to check your credit file to make sure it’s been updated

When you enter a trust deed, which is formal insolvency, your credit rating takes a beating. Your trust deed will be on your file for six years after it starts, so you need to ensure that the credit reference agencies know yours is over. This means that when the six years are up, it’s removed from your file.

Usually, this deletion happens automatically, but you need to check with the three main credit check agencies to make sure it’s been marked. If this doesn’t happen within three months of the end of the agreement, you can write to your creditors to request the necessary notifications.

You need to rebuild your rating

You won’t have been able to borrow any money during the term of your trust deed – it’s one of the conditions – and formal insolvency does affect your credit rating badly.

When you apply for credit again, you may see that your interest rate is higher than normal to reflect the perceived risk on the part of the lender. You can rebuild your credit rating, though.

You can apply for a credit-builder credit card. These also have a high rate of interest, but if you pay off your debt each month, on time and in full, you’ll be showing you can be trusted. Eventually, you’ll be able to apply for mainstream cards with lower interest rates.

Prepaid cards are also very useful because you can use them in the same way as credit cards, but it’s your own money you’re topping them up with. The credit reference agencies find out that you’re topping your card up regularly, which works in your favour.



You can save the money you used to make your trust deed payment

This makes great sense because you’ve been managing well without it for a while, so why not invest it in your future? You don’t have to invest or save the whole amount if you want to have a bit more disposable income, but as long as you’re saving something, it’s all good. You’re building up a cushion of savings that will help to protect you from debt in the future.


How to Ensure Your Financial Well-being

Financial Post Of Financewand

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Americans are in household debt worth $13.15 trillion, which is shown in the records of the Federal Reserve Bank of New York as an all-time high. You’ll find it an uphill task to pull out of debt if you’re one of the numerous homeowners that are struggling with debt. By doing a simple research, you may actually make things less complicated and find the right solution to your debt problems.

Ways to Improve Your Financial Situation Are Mentioned Below:

Draw a household budget

A budget is truly helpful in providing you powerful insights. Apart from tracking your expenses and income, they help in identifying your financial strength. All categories of expenses that consume a major portion of your paycheck can be spotted when you accommodate expenses concerning past few months by back-dating your budget. You can make certain adjustments to your lifestyle and eradicate such expenses depending on the categories that they belong to. You may decide on watching less of movies and eat more home-made food just to contain your grocery bill to a certain limit.

Meet the bills with your paycheck

Most of your bill payments seem to have the same due date every month. You’re bound to catch up with the due date whenever you owe money for buying a smart-phone, utilities, and rent. A bi-weekly occurrence of paydays compels you to remember them more often. You’ll rarely find the due dates of your bills to be matching with that of your paydays. If you’re not among those that pay a closer look at their finances, it might leave a severe impact on your finances.

While trudging through a financial crunch you may not have the funds to settle your dues. You may resolve this issue by paying for your bills the sooner you see funds on a payday. You may consider transferring a small portion of your funds over to a different account if you find it tough to repay your dues on time. It will prevent you from using that amount over other things. Make sure you continue to make the minimum payments in case you aren’t able to meet the billed amount entirely within consecutive paychecks.

Create an emergency fund

There’s no point in ignoring your savings although paying your bills is of great importance. Much of your household makeovers and unforeseen damages can be made out of household savings. You may create an emergency fund for your future by setting aside a portion of your 401 (k) or pension. It could of real advantage in case you need extra funds post-retirement.

It might seem challenging to meet your bills and yet save a portion of your returns. You may get in touch with some direct lenders for installment loans to help cope with sudden financial challenges. These loans help you meet your utility bills till you receive your next paycheck. Attempting to create a fund for your unforeseen expenses is certainly the most practical way to handle your unforeseen expenses.

Prioritize all the dues

This is certainly not the first time that you’re borrowing money if you’re an American. You must have a few credit cards in your wallet apart from a few other lines of credit like that of your mortgages, car leases, and student loans. You’ll be overwhelmed by your negative net worth once you sum up all bills.

The sooner you meet all of your debts you’ll contribute more towards financial well-being. Financial experts don’t agree on the best methods of meeting one’s debt. While some of them prefer handling the highest debts ahead of the smaller ones others tend to go the other way round. It’s up to you to decide on whether you’d like to repay a quick loan with a high rate of interest or would like to repay a student loan worth a huge amount first.



Consult a financial expert

A financial advisor can help in ascertaining your financial strength more aptly than others. He possesses the much-needed professional expertise to address all financial issues. They’re an incredible resource for all those that experience debt and can help them by figuring out solutions to issues concerning financial techniques, services, and products. Apart from discussing the advantages of using services like investment apps, online loans, and refinancing, they could even help you develop a debt repayment plan that suits your financial situation.

These are just a few tips on how you can improve your financial strength with time. You must follow a combination of these ways if you’re really inclined towards improving your financial standing. Incorporate all of them into your routine, and you’ll discover more opportunities to meet your dues and gain financial wellness.


How Can Technology Detect Business Finance Fraud?

Detect Business Finance Fraud

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There’s good news and bad news when it comes to financial fraud. The bad news is that UK businesses and households financial fraud to this crime in 2017. That sort of startling figure shows that this is a serious issue that has to be dealt with. However, the good news is that this is falling – that number is down five per cent on 2016 – and that banks and card companies have detected and prevented two thirds of financial fraud.

The threat of financial fraud is increasingly sophisticated and almost exclusively technological. In order to combat this threat, therefore, we need technological solutions every bit as sophisticated to retaliate.

So, how can this help?

The growth of artificial intelligence

Artificial intelligence may seem like something from a science fiction novel, but the use of AI in business is becoming more apparent. Especially in the operations and the distribution sector, AI technologies are programmed to automate systems. If this can be trained to spot key signs of fraud then it can act as the ‘eyes and ears’ of a company – flagging concerns and preventing or pausing transactions before they happen.

It’s impossible for human beings to keep a close eye on every single financial transaction, but automated technology allows them to monitor more of what’s going on.

Bitcoin and blockchain

Cryptocurrency uses financial fraud to allow businesses to transfer funds around the world in real time. One of the potential benefits here is security. With blockchain, all transactions are recorded in real time – and records cannot be changed without the agreement of others. Put simply, it’s very hard to doctor information once it’s recorded and there’s a level of transparency around the way payments and transactions are made.

Biometrics

Passwords pose a vulnerability for many technological systems. While most workers might spend half their time trying to remember theirs, they present an opportunity for hackers to get into your software and get their hands on your data and your money.

Biometric technology is allowing for more secure ways of limiting access to systems. Thumb prints, eye scans, and even voice recognition should hopefully make life harder for fraudsters – and easier to detect people who are trying to access your systems when they shouldn’t.

But, use technology in moderation

Although you can lean on technology to help detect fraud, there’s always room for traditional processes too. You should use modern technology and foolproof traditional methods in tandem for maximum effect.

Things such as physical stamps and watermarked documents make it harder to forge documents and use these to defraud your business. As a business, you can custocustomize own self-inking stamp to add your own extra security step, for example. This can be very effective and it’s important not to move away from this sort of activity if it works.

Technology can help to detect business fraud. Automated systems, immutable records and biometric system access are all important developments to do this. Businesses can use a combination of all of those in tandem with tried and tested offline techniques to do their bit to avoid becoming a victim of fraud.

 


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