Combating Fraud

Consider mitigating fraud risk in these four key areas.

 

Paper Fraud Prevention

  • Use high-security check stock.
  • Securely store check stock and bank statements.
  • Implement secure financial document destruction processes.
 

Electronic Fraud Prevention

  • Use an online banking channel for treasury management needs.
  • Convert paper payments to electronic delivery wherever possible.
  • Establish policies for using executive signatures on electronic documents.
  • Collect secure ID tokens and change passwords when employees leave the company.
 

Internal Fraud Prevention Controls

  • Segregate duties such as making payments and reconciling accounts.
  • Monitor and reconcile accounts daily.
  • Use online statements, reporting and reconciliation services to speed the reconciliation process.
 

Online Fraud Security

  • Mask account and Tax Identification Numbers in correspondence.
  • Use encrypted email for confidential, non-public information.
  • Keep up with the latest fraud trends, such as phishing and malware.
  • Use and regularly update antivirus, anti-spyware and other internet security software.
 

To learn more about our fraud prevention solutions,
please contact us or call your Commercial Banker.