5 Strategies for Foreign Companies to Combat Scams

Scams and fraudulent activities pose significant risks to foreign companies operating in unfamiliar markets. From phishing schemes to counterfeit products, these scams can undermine business integrity, reputation, and financial stability. To safeguard against such threats, foreign companies must implement robust strategies to combat scams effectively. Here are five key tactics:

1. Conduct Comprehensive Due Diligence

Prior to entering a new market or engaging with unfamiliar partners, foreign companies should conduct thorough due diligence to assess potential risks and vulnerabilities. This includes researching local regulations, business practices, and legal frameworks, as well as verifying the credibility and reputation of potential partners, suppliers, and customers. By conducting comprehensive due diligence, companies can identify red flags and mitigate the risk of falling victim to scams or fraudulent activities.

2. Educate and Train Employees

Employee awareness and training are critical components of scam prevention efforts. Foreign companies should provide employees with training on recognizing common scams, such as phishing emails, fraudulent invoices, and identity theft attempts. Additionally, employees should be educated on company policies and procedures for handling sensitive information, verifying the authenticity of transactions, and reporting suspicious activities promptly. By empowering employees with the knowledge and skills to identify and respond to scams effectively, companies can enhance their overall security posture.

3. Implement Robust Cybersecurity Measures

Cybersecurity plays a vital role in protecting foreign companies against online scams and cyber threats. Companies should implement robust cybersecurity measures, including firewalls, antivirus software, and encryption protocols, to safeguard sensitive data and prevent unauthorized access to company systems and networks. Additionally, regular security audits and vulnerability assessments can help identify potential weaknesses and vulnerabilities that may be exploited by scammers. By prioritizing cybersecurity, companies can minimize the risk of data breaches, financial fraud, and other cyber-related scams.

4. Establish Clear Protocols for Financial Transactions

Foreign companies should establish clear protocols and controls for financial transactions to prevent unauthorized payments and fraudulent activities. This includes implementing multi-factor authentication for online banking and payment systems, segregating duties to ensure proper oversight and approval of financial transactions, and conducting regular reconciliations and audits to detect anomalies or discrepancies. By enforcing strict controls and procedures for financial transactions, companies can mitigate the risk of financial fraud and unauthorized access to company funds.

5. Foster a Culture of Transparency and Integrity

Building a culture of transparency and integrity is essential for combating scams and fraudulent activities within foreign companies. Companies should promote ethical conduct and accountability at all levels of the organization, emphasizing the importance of honesty, integrity, and compliance with laws and regulations. By fostering a culture of transparency and integrity, companies can create an environment where employees feel empowered to report suspicious activities and adhere to ethical standards, reducing the likelihood of scams and fraudulent behavior.

Foreign companies can combat scams effectively by implementing comprehensive due diligence, educating and training employees, implementing robust cybersecurity measures, establishing clear protocols for financial transactions, and fostering a culture of transparency and integrity. By adopting these strategies, companies can mitigate the risk of falling victim to scams and fraudulent activities, safeguarding their reputation, and financial well-being in unfamiliar markets. Additionally, for those seeking secure payment processing solutions to further fortify their security measures and avoid scams, TouchSuite provides reliable assistance tailored to their needs.


  • Jonathan Bomser

    Writing for Touchsuite, Jonathan Bomser, is a technology and marketing expert with over 30 years of industry experience. He is a businessman, writer, artist and musician. He has vast knowledge of finance, business and technology. Jonathan is currently founding, investing and board advising in several early stage and start up companies. Jonathan has been involved in Technology, Media, Marketing and Advertising for a multitude of Fortune 500 companies for over 30 years.He has served as a strategic, creative and marketing executive and consultant for both parent companies and subsidiaries at AOL, The National Football League, The Walt Disney Company, NBC, MTV, Viacom, Time Warner, USA Today, Alliance Entertainment, WPP, Penguin USA, along with numerous other established companies, start-up ventures and reorganizations.Jonathan was the CEO and Founder of BigLinker.com, which was acquired by Ziff Davis (Nasdaq: ZD) in 2021, CEO and Founder of TownTarget.com from 2013-2015 which was acquired by Touchsuite/American Bancard in 2015 and previously Bomser Payan Interactive Agency from 2008-2012 which was acquired by Big Step Interactive/Digital Marketing Associates. Jonathan was the key developer for the technology used to power many of their successful digital campaigns. Clients included national brands such as Adidas, PNC Bank, Massage Envy, European Wax Center and others.Jonathan has also helped manage the technology initiatives, creative strategies and business development for AIM Pages.com, AOL’s Social Network. Since May 2006, Jonathan has also been consulting for technology, marketing, sales and creative strategies for Veoh.com, BigString.com, Vuguru.com and others. Before consulting for these major companies, Jonathan was a principal in En Pea Productions,Inc. which was a television production company focused on reality television, commercials and music videos. Jonathan is also the former Board Member, CEO and President of WoozyFly.Inc. Trading on under the symbol WZFY.Jonathan's current projects at AccountSend.com, VocalChimp.com and CoolValidator.com

    Touchsuite is located in Boca Raton, FL and is a payment processing and point of sale company that specializes in merchant accounts, point of sale systems, Grubbrr self-ordering kiosks.