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.