Fraud Prevention

Fraud can have a devastating impact on a business, especially for smaller companies that don’t have the resources to rebound from the resulting damage.

Try these ongoing prevention and detection tips to reduce the risk of becoming a victim:

  • Conduct extensive employee background checks, including credit checks for employees that manage company assets.
  • Monitor and reconcile account activity daily through online banking to identify suspicious transactions. 
  • Use Positive Pay to decrease your risk of check fraud.
  • Implement dual controls for high-risk, self-administration services.
  • Safeguard sensitive information such as accounting documents, bank statements, check stock, and personal documents by securing all items in locked drawers.
  • Minimize the number of computer workstations and laptops used for online banking and payments, and restrict their functionality.
  • Install and maintain real-time anti-virus firewall and malware prevention software for all computer workstations and laptops used for online banking transactions.
  • Ensure your staff is knowledgeable about basic fraud prevention techniques.
  • Consider purchasing an insurance policy to help protect your business against losses from fraud.