Business Customers Protect Yourself from Fraud

We are seeing an influx of businesses who have been victimized by email and cyber fraud.

How to Prevent Fraud

  • Be suspicious of emails purporting to be from a financial institution, government or other agency requesting account information or verification of usernames, passwords, PIN codes, etc. If you are not certain of the source, do not click any links.
  • If you get an email or ACH change request, make a phone call to verify the request.
  • Reconcile all transactions on a daily basis.
  • Initiate ACH and wire transfers under dual control, with a transaction originator and a separate transaction authorizer.
  • Regularly review user access levels, dollar limits and activity.
  • Verify use of a secure session (“https”) in the browser for all online banking.
  • Access online banking activities from a stand-alone computer system from which email and web browsing are not possible.
  • Never access bank information at Internet cafes, public libraries, etc.
  • Install computer security tools such as firewalls, anti-virus software, and spyware detection programs.
  • Immediately report any suspicious transactions to the financial institution.

What to Do if You Suspect Fraud

  • Immediately cease all activity from your computer system. Disconnect the Ethernet or other network connections to isolate the system from remote access.
  • Immediately contact your bank for assistance with the following: reviewing recent transactions and electronic authorizations, disabling online access to accounts, changing online banking passwords and opening new account(s) when appropriate.
  • Ensure that no one has requested an address change, title change, PIN change or ordered new cards, checks or other account documents to be sent to another address.
  • Maintain a written chronology of what happened, what was lost and the steps taken to report the incident to the various agencies, banks and firms impacted. Be sure to record the date, time, contact telephone number, person spoken to, and any relevant report or reference number and instructions.
  • File a police report and provide the facts and circumstances surrounding the loss. Having a police report on file may be helpful when dealing with insurance companies, banks and other establishments. The police report may initiate an investigation into the loss with the goal of identifying, arresting and prosecuting the offender and possibly recovering losses.

Suggestions for employers and employees both at and outside the workplace

  • Create strong passwords.
  • Change passwords frequently.
  • Prohibit the use of “shared” usernames and passwords.
  • Never share username and passwords with third-party providers.
  • Never leave a computer unattended while using online banking.