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5 Tips to Reduce Business Fraud

5 Tips to Reduce Business Fraud

When it comes to your business, security is a top priority. Consider these five tips to help limit fraud exposure.

1. Use two-step verification

Two-step verification involves two authentication methods, performed one after the other, to verify that someone requesting access is who they claim. This provides two layers of security instead of just using a single password.

2. Educate your employees on email fraud

Training your employees to spot and report fraudulent emails is key to protecting your business’s network, information and funds. Knowing how to spot red flags, such as altered email addresses, suspicious links, and random monetary requests can go a long way in reducing email compromise.

3. Use a payment validation system

Products like Bankers Trust’s Positive Pay reduce fraud by validating checks or ACH transactions presented to your account. The system automatically matches the item against your payments issued to detect dated or voided checks, duplicate serial numbers, exceeded amount thresholds and other discrepancies.

4. Turn on alerts and dual controls in Internet Banking

You can set up alerts to notify you when a payment has been made, your balance has changed, account information has been edited and more. With dual controls, you can require two admin approvals before transactions are posted, giving you an extra layer of control.

5. Use the security benefits within cards

Purchasing cards allow for more control of your employees’ spending. You can place limits on credit lines and types of merchants where cards can be used. And you can opt for chip cards or virtual cards to ensure cards aren’t lost or stolen.

With these five tips, you can improve your business’s financial security and reduce the risk of fraud.

For more business security tips, visit Education.BankersTrust.com.

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Edin Hadzic, CBAO, CBSM, CAMS

Edin Hadzic, CBAO, CBSM, CAMS

Financial Intelligence Officer (515) 222-2016 Email Edin

Edin Hadzic is a Compliance and Information Security Officer at Bankers Trust. In previous roles with the bank, Edin has worked in the retail space as a Teller at the North Branch and as an Electronic Banking Analyst in the Electronic Banking Department. His responsibilities include Bank Secrecy Act (BSA)/Anti-Money Laundering Compliance and fraud monitoring. Edin is a Certified Bank Security Manager (CBSM), Certified BSA-AML Officer, holds a CAMS certification (Certified Anti-Money Laundering Specialist), and was designated as the Bank’s OFAC Officer in the summer of 2017. Edin is a graduate of Grand View University where he earned a Bachelor of Science degree in Management Information Systems and Business Administration. In his spare time, Edin enjoys watching football (Go Hawks!, Go Eagles!) and fishing during the summer time.   CBSM certification is specially designed to benefit any professional working with Information Technology and Information Security who has a direct responsibility for information.    CBAO certification signifies being a BSA AML Officer. This certification is put on by Lexis Nexis and it covers the following: Bank Secrecy Act, USA Patriot Act, Anti-Money Laundering Requirements, OFAC Requirements.   The CAMS credential is the gold standard in anti-money laundering certifications and recognized internationally by financial institutions, governments and regulators.

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