Protecting Your Business from Fraud

External Threats

External threats typically come in two broad types: cybercriminals attacking your systems and identity theft perpetrators trying to cash checks or otherwise gain unauthorized disbursements from your business.

Internal Threats

Internal threats come from within your own organization, usually in the form of embezzlement Including check forgery, theft of services, skimming and other related financial crimes.

External Threats

For external threats, there are products that verify checks written against your account are genuine, including an option to review payee names to find discrepancies. There is also a product to protect your accounts from unauthorized or potentially fraudulent ACH debits.

Internal Security

To ensure internal security, restrict access to your checking accounts. Consider setting up dual control, which allows your business to designate user roles and responsibilities that can crosscheck activity.

Trust but Verify

Regular, unannounced audits from a qualified third party can review transactions to help identify current and potential security problems.

Information Security Policy

Create (or update) an Information Security Policy, obtain formal acknowledgement from all relative parties and make sure you develop a Disaster Recovery Plan so you are prepared in the event your business is disrupted by a cyber attack, natural disaster or other event. Criminals take advantage of those that are unprepared!