Strategies to Protect Your Business Against Fraud
According to Trustpair’s 2024 Fraud Trends and Insights Survey, 96% of U.S. companies faced at least one fraud attempt in the past year. Here are tips from Rebecca Pedersen, VP of Community Banking, for protecting your business accounts.
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Learn how to protect your business
Check Your Account Often. Stay vigilant by regularly reviewing your account statements and transactions daily. Catching unauthorized activities early can help prevent losses.
Use Dual Control. Enhance security by requiring two approvals for ACH or wire transfers. This lowers the risk of fraud and increases accountability.
Go Digital with Payments. Switch as many payments as you can from paper checks to electronic options like bank-to-bank ACH transfers.
Use Positive Pay. For necessary paper check payments, implement Positive Pay. This service checks the amount, check number, and account number against issued checks to ensure only authorized payments are processed.
Train Your Employees. Educate your employees about the importance of account security. Make sure they know how to handle sensitive information and identify phishing attempts.
Separate Business and Personal Finances. If you haven’t already, set up separate personal and business checking and savings accounts. This protects your personal info in case of a breach and helps manage your business better.
Update Software Regularly. Keep your business computers and mobile devices current with the latest security updates and antivirus software to guard against cyber threats.
Visit your local Midstates Bank branch or contact Rebecca at msbnahelp@msbna.com to learn more about how we can support your business finances.
We make it simple. Contact a Business Banker or call us at 1-888-710-9070.
Sources: Trustpair’s 2024 Fraud Trends and Insights Survey
Midstates Bank is a full-service financial institution with branches throughout western Iowa.