Being in business means doing deals with people you had got to know for as short as a few minutes. The fear of every entrepreneur is not being able to detect a scam early enough to avoid losses.

The fear of being duped should not create a repellant to taking advantage of good opportunities when they arise. To understanding how the process of fraud works, it's important to be able to identify who a Conman is. Let's get into the head of a Fraudster;

• This individual is smart, this then creates a self-believe in his ability to devise and get away with a scam,
• He feels or fears being left behind by his peers in any realm of success, as such must do something to avert such fate,
• He is a compulsive liar. He does it so often and tries to justify it. The believe that it is almost impossible to get things done without some lies is enshrined in his consciousness.
• Winning the victim's trust is vital to him. As such he looks you in the eye and tries to raise his profile above yours, appearing sophisticated, he tries to share your ideals and even warm himself into your family if opportuned.
• One scary aspect to them is the fact that their own family and friends are not immune.

There isn't a great challenge as regards what needs to be done. Here are some cautionary steps you can take that will go a long way in making sure you don't fall victim to scams:

• Protect all you business information, both hard and soft copies from unauthorized access. That information can be used to create a profile of you and your business, making easy access possible.
• Do not cut corners in your quest to getting things done faster as this increases your vulnerability.
• Do not relay on documentations made available to you as the only prove of authenticity. Verify them yourself with the public records.
• Engage the services of professional Accountants, Lawyers, Surveyors or Valuers as the case may be to assist with your assessments.
• Separate business from friendship, it leaves room to a lot of compromises. Understand that charity should be a separate arm outside business. This does not negate the role a social entrepreneur plays.
• When dealing with a new business partner or high value client, investigate their track record; where they did business, how they did business and any quarries about their operations. Fewer antecedents means more risk.
• When inspecting supplies, if in huge quantities, do a detailed sample inspection even if it involves damages to some packaging. If one defect is found, then do a comprehensive check until your doubts are satisfied.
• Ask as many questions as you will need answers to, repeat them under different circumstances and check for inconsistencies.
• Avoid recommending or vouching for individuals you have not had a long working relation with. If you feel you have nothing at stake, just imagine what a scandal can do to your reputation. Scammers also need people to vouch for them.

At this point I must state the importance of being skeptical when any aspect of a deal does not sound or feel right, this drives you to doing more checks. Pay attention to your instinct, it's the first warning sign.

Lastly, avoid illegal deals no matter how tempting. A Conman would trying to get you deeply involved in one before he swindles, know you may fear seeking redress due to possible judicial sanctions.

Olukunle Ogundiran