Business Fraud Resources
We take our commitment to your business seriously and have protocols and services to help keep your account and information secure. This is a team effort, though. Please review these best practices so you can help keep your company stay protected.
Business Email Compromise (BEC) is one of the most damaging online frauds perpetrated, taking advantage of the fact that most companies depend on email to conduct almost all business. The target will receive an email that appears to be from a trusted source, like a vendor, to trick them into divulging sensitive information or to even send money.
How to protect your business.
- Be aware of emails that note a change of financial data, attachments, links, unusual content or requests. Be certain that your team is validating changes to financial data by phone with a trusted contact every time.
- Set bank alerts for outgoing transactions, large dollar transactions processed on your account and changes to usernames, passwords, email address and phone numbers for online banking.
- Log into your bank account daily through Online or Mobile Banking to keep an eye on your balances and account activity and ensure that you catch unauthorized transactions quickly.
- Be sure to continually maintain the security software of your computers.
- Secure and protect your property (laptops, computers, smartphones) and factor in business insurance to cover losses (monetary and property) for compromises or stolen property.
- Verify all transactions through an established contact number when using ACH or Wire products and consider implementing dual controls.
Account Takeover Fraud occurs when a criminal gains access to any of your online accounts including credit cards and bank accounts. This can happen in any number of ways including phishing, using social engineering, bots for brute force password hacking attacks and taking advantage of security vulnerabilities, just to name a few.
How to protect your business:
- Set bank alerts for outgoing transactions, large dollar transactions processed on your account and changes to usernames, passwords, email address and phone numbers for online banking.
- Be vigilant, review your accounts daily and immediately report anything unusual.
- Be sure to continually maintain the security software of your computers and phones.
- Teach employees to avoid entering personal information (like financial information and login credentials) into public computers.
- Take advantage of multifactor authentication and use complex usernames and strong passwords.
- Use firewall, anti-virus and anti-spyware software on your computer and mobile devices and keep it updated regularly.
Payments fraud is when fraudsters forge checks either by check washing or wholescale forgery. They will also leverage fake identities and use cyberattacks on accounts in order to take them over. We offer a variety of tools and services that help prevent payments fraud including: positive pay, device authentication and batch limits.
Best Practices
- Stay vigilant and monitor bank accounts regularly.
- Utilize Positive Pay services.
- Update software regularly and utilize email spam filters in your network.
- Have a checks and balances system built into your payroll and accounting processes.
Other top tips:
- Store your checks, deposit slips, bank statements and canceled checks in a secure and locked location. Never leave your checkbook open in your office or in a vehicle.
- Unless needed for tax purpose, shred old, canceled checks, account statements, deposit tickets and ATM receipts. The personal information on these items may help someone impersonate you and take money from your account.
- Lock your facility each night. Ensure that locks are effective for windows and doors. Lighting and landscaping should deter burglars. Change the locks on your facility when an employee leaves your place of employment.
- Verify urgent requests in person, even from company executives, to quickly process an invoice, change payment recipient(s), provide sensitive information or otherwise bypass established policies and procedures.
- Be wary of email requests from vendors to change payment instructions from those previously used. Always confirm verbally using a known phone number.
- If an unauthorized ACH is posted to your account, please contact us no later than 2pm ET of the business day following the posting date.
- When you receive your check order, make sure all of the checks are there and that none are missing. Report missing checks to us at once.
- If your business is burglarized, check your supply of checks to determine if any have been stolen. Look closely, because thieves will sometimes take only one or two checks from the middle or back of the book.
Additional Resources
Avoiding Identity Theft as a Business Owner
With the rise of identify theft attacks, it's important to take precautions. Learn how to protect your business and personal data from fraud.
Cybersecurity and how it impacts your business
Cyber security could mean the difference between a thriving business and a struggling one. Learn more here.
Guarding Against Small Business Tax Identity Theft
Many people are aware that they need to guard their personal information from identity thieves. However, as people lock down their personal information, fraudsters have acquired a new target: small businesses.
Protect Your Business from Cyber Crimes
With cybercrimes on the rise, here are some tips and tricks to help thwart a potential attack.
Six Cybersecurity Tips for Your Business
Armed with these six basic tips you can make a potential cyberattack less likely.
ACH Fraud Protection
Fraud is a major threat for any business. Altering or creating fictitious financial documents can make it easy for a criminal to drain funds from your company.
Better Customer Support Starts here
Not sure where to start? We can guide you in the right direction.