Protect Your Business from Fraudsters

In today’s digital landscape, fraud is an ever-present concern for both consumers and businesses. Here are some best practices to help protect your data:

1. Stay Updated

Ensure computers, networks and mobile devices (anything that connects to your data or business environment) are kept up with the latest updates.

2. Utilize MFA Everywhere Possible

Set up multifactor authentication (MFA) on any account that allows it, and never disable it. Multifactor authentication is an account login process that requires you to enter more information than just a password such as a verification code sent to your phone number.

3. Encrypt Your Internet Traffic with a VPN

Use a Virtual Private Network (VPN) when connecting to your data or business environment online. A VPN creates a secure, encrypted connection on the internet, protecting your IP address and data.

4. Verbally Confirm Vendor Payment Changes

Any time a vendor requests a change in where payments are sent, whether ACH, wire or check, verbally confirm the change using a known phone number for the vendor. Do not call phone numbers included in the email requesting the change or in the attached invoice.

5. Pay with ACH or ACH Origination

Paying vendors with ACH and ACH origination is more secure, as these methods allow you to monitor or block payments to prevent unauthorized transactions, and to schedule payments in advance.

6. Invest in Protection Software and Services

Be proactive rather than reactive when it comes to fraud protection. Malware and virus protection software can protect your devices’ data, and your bank’s fraud services can protect your accounts.

Our Positive Pay fraud solutions manage your payables and protects your accounts from unauthorized transactions or altered checks. ACH Positive Pay allows you to set up filters or blocks that automatically post or reject transactions.

7. Offer Continuous Fraud Prevention Education

Fraud is only getting worse. Consider your fraud mitigation practices and ask yourself what could go wrong. Train employees and partners on the risks of social engineering and how to spot it. The ability to spot the signs of a fraud attack may save your business from big losses!

8. Enroll in Cyber Insurance

Cyber insurance can help your business survive a cyber-attack and may even help you access services during an attack.

9. Look Out for AI-Generated Fraud

The FBI issued a warning about criminals exploiting artificial intelligence (AI) to commit fraud. These fraudsters generate text, images, audio, and video material to appear to be someone they are not.

To determine if a message is legitimate, create a secret word or phrase with your family to verify their identity. Look for subtle imperfections in images and videos such as distorted hands or feet, unrealistic accessories, or lag time. And to help protect yourself from AI identity theft, make your social media accounts private.

10. Slow Down

Remember to slow down if you receive an unexpected offer or request. Scammers will try to create a sense of urgency to catch you off guard. Take a moment to slow down and evaluate the situation before acting upon the request.

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As your Bank, we're also your partner in success. Please do not provide any of your personal information to an unsolicited caller or text message. We will never call or text you and ask you to share your Card Verification Value (CVV), credit or debit card number, card expiration date, online banking password, social security number, or other personal data. If you suspect there has been fraudulent activity on your account, please do not hesitate to call us immediately.