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Tips To Protect Your Business From Wire Fraud

Are you doing all you can to protect your business from wire fraud?

Sophisticated cyber-crooks look for ways to exploit any weakness your business might leave exposed, and the result can be financially crippling.

Whether it’s through malware that allows fraudsters into your computer system or email scams to convince an employee that an executive needs a wire transfer quickly, it’s important that you set up safeguards and enforce your policies.

While we are always ready to work with you to provide advice and guidance to protect your business accounts, here are some important things you can do immediately:

Train your employees. They shouldn’t open or download attachments unless they are sure of the source. And don’t click on suspicious links in emails or on social media sites. Reinforce training on a regular basis and update when necessary.

Be safe. Have a written policy and limit who can initiate and approve wire transfers. Confirm all payment requests by phone or email using established and trusted phone numbers or email addresses. Set up dual or multiple controls, where at least one person is responsible for initiating a wire transfer and another is responsible for approving it.

Be alert. Teach employees to carefully review all payment requests and to be alert for any changes to payment amounts or methods, or any unexpected requests.

Report suspicious activity quickly. Establish a policy for who should be informed and how they should be contacted. And contact us immediately if you suspect wire fraud.

Talk to us about our business banking solutions and how we can help protect your company.

Click here to learn about our Enhanced Security Tokens for Business Online Banking.