Don’t let fraudsters cash in on your business.
Small businesses are increasingly being targeted by cybercriminals looking to access company finances and sensitive data. This type of fraud, known as corporate account takeover, can allow criminals to move money, create fake payroll entries, or steal customer information.
The American Bankers Association (ABA) emphasizes that prevention starts with awareness and strong internal controls.
Here’s how you can help safeguard your business:
Start with Employee Awareness
Your team plays a critical role in protecting your business.
According to the ABA, educating employees on common scams, suspicious activity, and proper security practices is one of the most effective defenses. Make sure everyone knows how to recognize red flags and what to do if something doesn’t look right.
Strengthen Your Digital Security
Think of your online systems like your physical storefront; they need protection, too. The ABA recommends:
- Using secure, private internet connections
- Keeping antivirus software and systems up to date
- Encrypting sensitive data
- Creating strong passwords and changing them regularly
These basic steps can significantly reduce your risk of unauthorized access.
Work with Your Bank to Prevent Fraud
Your financial institution can be a valuable partner in protecting your business. The ABA suggests using fraud prevention tools such as multi-factor authentication, approval controls, and transaction monitoring.
One powerful solution is Positive Pay:
With the First United Bank & Trust Positive Pay solution, you can help protect your business from fraud and potential losses. With Positive Pay, simply upload the check number, amount, and date of every check issued. When a check is presented for payment, this solution compares the information to ensure it’s a check you’ve written. You will have the opportunity to review any items that don’t match, to make decisions on whether to pay or return the item.
Monitor Activity and Act Quickly
Staying alert is key. The ABA advises watching for unusual account activity, unexpected system changes, or suspicious emails. If something seems off:
- Contact your bank immediately
- Stop online activity
- Isolate any potentially compromised systems
- Document what happened
Quick action can help limit damage.
Know Your Responsibilities
Your agreement with your bank outlines the security measures your business is expected to follow. The ABA stresses that failing to meet these standards could leave your business responsible for losses. Review your agreement carefully and talk to your banker if anything is unclear.
Protecting your business from fraud doesn’t require complex solutions; it starts with awareness, smart practices, and the right partnerships. By following guidance from the American Bankers Association and using tools like Positive Pay, you can reduce your risk and keep your business secure.