You have worked hard building your business into the success it is today. Unfortunately, there are fraudsters and criminals working just as hard to take what you have earned away from you. Thankfully, your bank can assist you in understanding how your business is at risk and the services that can help protect you and your business.
Four major areas that pose significant risk are:
- Wire Transfers
- Email and Network Security
- Check Fraud
- Internal Fraud
Wire transfers are a common target for potential fraud. As such, they are closely monitored by regulation. In addition, banks have introduced many security measures to ensure that only properly authorized individuals are initiating wires. To ensure your business is protected, make sure your bank has the most up-to-date security measures such as secure access to network systems, dual verification, and personal identification for call-in wires. On your end, you should ensure that access codes and passwords are protected and only available to authorized employees. While these security measures can at times seem bothersome, it’s imperative for your protection.
Email and network security is something you hear about every day. You want to be sure to have a secure operating network with the best information protection systems available. Having someone hack into your network can create problems and consequential issues that can seriously impact your company. You cannot be too careful here. It is wise to consider cyber liability insurance which generally covers your business’ liabilities for a data breach or cyber-crimes involving sensitive customer information.
Check fraud still exists even though there are fewer checks issued today. Perpetrators are much more sophisticated than stealing checks and forging signatures. Today, they can reproduce your checks and access your accounts electronically. Using services like positive pay, ACH debit block, and account reconcilement can help prevent unauthorized access to your account protecting your business’ assets.
Internal fraud is a sensitive issue because when it happens, it usually is with a trusted employee. You can remove the temptation by requiring dual control on all financial and accounting issues. Limit access to your accounts and use all of your bank’s available security measures that protect access to your accounts.
While every instance of fraud cannot be prevented, these are some precautions businesses can take to minimize their risk. Please contact a Univest Cash Management representative or your Relationship Manager for more information on these services.
Univest Bank and Trust Co. is Member FDIC, Preferred SBA and Equal Opportunity Lender.