Business Fraud On the Rise
Did you know...
- 33% of all businesses nationwide are affected by a fraud-related incident each year.
- In 2020, the median loss from a single case of fraud was about $125,000.00.
- Check fraud is on the rise. 63% of respondents report that their organizations experienced fraud via checks.
It is important that you review the terms and conditions of all your business accounts. This will ensure you understand your responsibilities to help prevent fraud which includes using the fraud prevention services we offer.
- With online and mobile banking, you have 24/7 access to all your accounts, which allows you to monitor anytime, anywhere.
- Enroll in electronic statements for quick access to review account activity.
- Set up alerts to get notified when money is withdrawn and deposited into your accounts.
- Sign up for Positive Pay (only available through eBiz Cash Management services.)
Our Business Fraud Prevention Checklist has excellent information for businesses. A strong fraud prevention strategy starts with creating and maintaining strong internal systems. Create formal policies and procedures for all employees to follow. Your best line of defense against fraud is to stay aware of your account activity.
Take advantage of the services we offer our business customers which includes alerts to help monitor your accounts, electronic statements that give you quick access, and for our eBiz customers Positive Pay verifies checks. Our business bankers will work with you to keep your accounts safe. Working together with businesses across the state, our team will help protect your business finances and sensitive information from fraudulent activity.
Written by Cristy Edge, Digital Banking Manager, and Bill Toner, VP Cash Management Services.