Fight fraud: proven strategies to keep your business safe

Businesses of all sizes face a growing threat in the form of payments fraud. It’s vital to do all that you can to make employees aware of the danger and put systems in place to protect your business. Nefarious actors are constantly probing for holes in fraud detection. Fight back with these simple yet powerful ways to stop fraud in its tracks.

Validate ALL change in payment instructions.

Call a trusted and documented supplier/vendor representative before making any changes to payment instructions. Never call a number on an invoice or electronic notice to validate change detail. Always use your company’s vendor management system so you know the contact is legitimate.

Pay by corporate card.

Company credit cards typically include a safety feature for unauthorized purchases. Many companies now use the company card plan to not only cover travel and entertainment, and office purchases, but to pay invoices and expenses traditionally paid by check or ACH. Make “card” your go-to source for all payments. Each card plan is a little different so contact your provider to find out your card plan’s benefits and then educate your accounts payable group on how to process.

Act fast if an infection is suspected.

Require employees to alert management immediately if they click an infected link or fear they have malware. Help them to identify the signs of an infected link. Tell them to stop whatever they’re doing and report the concern to a supervisor/manager. Their swift action could save hundreds of thousands of dollars.

Don't leave sensitive data in the open.

Whether on a desk or at a printer, it’s dangerous to leave sensitive data and details out in the open where it can be seen by a desperate employee or crooked visitor. The fraudster may decide to sell the information on the dark web or to a larger ring of fraudsters. Remind employees to keep sensitive data out of clear view so it doesn’t end up in the wrong hands.

Use Check Positive Pay and ACH Debit filters.

Even if the account is rarely used, be sure it’s protected. For instance, if somebody received your check as payment, which clearly provides an account number, routing number and your company’s name, this detail could be sold or used to charge your account, via ACH, which can result in hundreds of thousands of dollars when no fraud detection services are in place.

Payment fraud is a growing crime and can lead to expensive losses. Using these and other commonsense tactics can help limit your exposure to payments fraud criminals. For more information, reach out to your Treasury Management Office or Commercial Relationship Manager.